FASB Accounting Standard Codification to Officially Launch on July 1, 2009

The Financial Accounting Standards Board (FASB) voted to approve the FASB Accounting Standards Codification™ as the single source of authoritative nongovernmental U.S. Generally Accepted Accounting Principles (GAAP) to be launched on July 1, 2009. The Codification will be effective for interim and annual periods ending after September 15, 2009, which means that preparers must begin to use the Codification for periods that begin on or about July 1, 2009. All existing accounting standard documents are superseded. All other accounting literature not included in the Codification will be considered nonauthoritative. Read more from FASB. Learn about MACPA’s July 22 four-hour seminar, Navigating the New FASB Codification: Research Real-Life Accounting Issues; or search CPE offerings for all upcoming events that include FASB Codification, keyword: codification.