Wednesday, June 24, 2009

Are You Ready For the Switch to FASB's Codification? You Don't Know What That Is?

We know our readers here at Tramp are on top of their shit. You all know that in one week the oracles of double-entry accounting roll out the FASB Codification. You're ready to rock out on this Codification.

"Tramp, WTF are you talking about" you say? You mean you haven't been anxiously awaiting the end of the likes of FAS 5 and FIN 46(R) as we know them? That's right my bean county friends. All this will be consolidated into what the FASB is deeming "Codification". Every shred of literature that makes up the Almighty God of your profession, generally accepted accounting principles, will be in one place.

Poppycock, you say? The FASB would never do something that would make our lives easier. It's true and apparently many don't even know about it:
The first surprise for some may be that this codification project is happening at all. Over 50% of 530 U.S. CFOs and senior comptrollers surveyed by Grant Thornton in late April said they didn't know about the rules restructuring, despite the fact that a preliminary version has been available for viewing and comment since January 2008.
You mean you've been too busy working to pay attention to this? You're right, 15 months really isn't long enough to get acquainted with something of this magnitude. Looks like you're not alone in that thinking. Now get the sleeping bags out at the office and get caught up. You've got a week.

Will the New FASB Code Change Accounting?
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