With the adoption of the Accounting Standards Codification structure for accounting rules, financial reporting executives have a new job in front of them: simply assuring they refer to accounting rules correctly.
After years of preparation by the Financial Accounting Standards Board, the Codification will take effect July 1. It completely reorganizes U.S. accounting principles into an online compendium of rules grouped by topic, rather than the mess of paper-based pronouncements that has accumulated over decades.
