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FASB warns Codification to undergo reconstruction

Tammy Whitehouse | May 30, 2017

Like orange barrels signaling road construction, the Financial Accounting Standards Board is advising accountants to sit tight through some reconstructive work in the coming months in the online Accounting Standards Codification.

The codification is the online repository that contains all authoritative Generally Accepted Accounting Principles. FASB developed the codification and launched it in 2009 to make accounting rules easier to search and maintain. The codification also reassembled all of GAAP away from a chronological arrangement of historical accounting pronouncements to a complete set of rules arranged by topic.

The FASB routinely updates the codification due to changes in accounting standards, but the reconstruction will be more significant in coming months, the board has advised...

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