The Securities and Exchange Commission has published a post script of sorts to the new Accounting Standards Codification, clarifying the Codification doesn’t trump anything the SEC published previously.
Many in accounting and financial reporting circles are still getting accustomed to the Codification developed by the Financial Accounting Standards Board to serve as the sole authoritative source for all Generally Accepted Accounting Principles in the United States. The Codification re-assembled the entire library of historical GAAP pronouncements into a more orderly collection of accounting rules organized by topic. It includes accounting-specific guidance from the Securities and Exchange Commission.
