Wednesday, July 1, 2009

Happy Codification Day!

We warned you that this day was coming! The FASB issued Statement 168, The FASB Accounting Standards CodificationTM and the Hierarchy of Generally Accepted Accounting Principles—a replacement of FASB Statement No. 162 on Monday so...

...Forget everything you've ever learned about the accounting literature because it's all changed but GAAP hasn't. They swear. Oh except for something about private, non-governmental companies and their revenue recognition. We're sure that won't affect any of you.

Check out the Codification website here.

Good summary at: Codification Nation [FEI Financial Reporting Blog] Sphere: Related Content

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