Contractual CF0 & SOX International: Managing Your Companies Most Precious Assets.

NEWS RELEASE 07/01/09

FASB Accounting Standards Codification^TM Launches Today

The Codification is now officially the single source of authoritative nongovernmental U.S. GAAP

Norwalk, CT, July 1, 2009
The Financial Accounting Standards Board (FASB) today launched the FASB Accounting Standards Codification^TM as the single source of authoritative nongovernmental U.S. generally accepted accounting principles (GAAP). The Codification is effective for interim and annual periods ending after September 15, 2009. All existing accounting standards documents are superseded as described in FASB Statement No. 168, The FASB Accounting Standards Codification^TM and the Hierarchy of Generally Accepted Accounting Principles. All other accounting literature not included in the Codification^TM is nonauthoritative.

On July 14, 2009, an AICPA webcast¹ (The FASB’s Accounting Standards Codification^TM) referenced that:

 • Preparer’s will need to update:

– Financial statement disclosures
– Accounting policies
– Accounting memorandum
– Internal Audit Work programs where references are included
– Tools and Templates

• Auditor’s will need to update:

– Audit workpaper file memorandums
– Audit programs that reference the nonauthoritative literature
– Other tools and templates such as management representation letters etc.
– Consider updating publications and internal reference materials
– How to educate employees on the Codification

Let CCFOSox be your resource to implement these accounting reference changes:

 

• Notes to the Financials
• Updating your Policy and Procedures manual
• Staff training

  ¹ http://video.webcasts.com/events/aicp001/31549/