New Accounting Standards

Why Change?

Locating Information

What We'll Cover

Codification Structure

License Costs

What's Not Included?

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FASB's goal is to provide one source of authoritative GAAP: the Accounting Standards Codification.

FASB Statements

FASB Staff Positions

FASB Interpretations

Accounting Principles Board Opinions FASB Technical Bulletins AICPA Audit and Accounting Guides EITF Appendix D

Accounting Research Bulletins AICPA Statements of Position EITF Abstracts (and issue summaries) FASB Staff Implementation Guidance AICPA Audit Risk Alerts AICPA Issues Papers

AICPA Practice Bulletins

AICPA Technical Questions and Answers FASB Concepts Statements SEC S-X Rules

AICPA Accounting Interpretations SEC S-K Items

SEC SpeechesTopics Covered

SEC SAB Codification Topics

SEC ASR / FRR Codification Sections

Codification Structure

Areas Topics Subtopics Sections Subsections

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Codification Structure Example

Topic

Leases

Subtopics

Overall

Operating Leases

Capital Leases

Sections

Scope

Disclosure

Scope

Disclosure

Scope

Disclosure

Lessees

Lessees

Lessees

Lessees

Lessees

Lessees

Subsections
Lessors Lessors Lessors Lessors Lessors Lessors

Note: This is for illustration only and does not include all Topics, Subtopics, Sections, and Subsections.

Codification Structure. Below is an example of how a user can drill down to a Subtopic (e.g. Capital Leases).

Codification Structure. Below is an example of a typical landing page once you drill down to the Section and Subsection levels.

By clicking Direct Financing Leases, for example, the web site will yield the material related to this area.

Non-GAAP Matters

Cash Basis OCBOA

What's Not Included?

Much of "Basis for Conclusions" Concept Statements

Nonauthoritative GAAP

Governmental Accounting Standards

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9 additional users at no cost; only 1 may use at a time

$850 Single User License

License Costs

FASB Codification HardCopy Can Be Bought

Sliding Scale Fee for More Than One Online User

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License Costs. The single user license is $850, but allows you to register up to nine additional individuals at no additional charge; however, only one user may access the product at a time.

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Bound Copies. FASB does offer a bound copy of the standards at $135. See additional information below.

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Search features not available without license

Ex: 740-10-25

"Go To" Box

Key in the Codification address

Superseded Information
Accounting Standards Update Exposure Drafts Pre-Codification Standards

"Area" Tab

"Other Sections"

Locating Information

"Search"

"Join Sections" "Cross Reference"

Notes should refer to Codification Address (if at all)

Finding Codification Locations

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Locating Information. The picture below is a map of the various ways that the accounting standards can be searched within the Codification web site. Search Feature Go To Box

Cross Reference Area Tabs

Join Sections

Other Sources

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Cross Reference. Keying in the old standard, for example: Fin 46R, and clicking the "Generate Report" button will yield the location of the old standard (E.g. FIN 46R) in the Codification (by Topic, Subtopic, Section and Paragraph).

Old Standard

Codification Number

FASB Codification Locations of FIN 46(R)

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Join Sections. First click the "Join Sections" tab; then select the Topic and Section that you desire to join.

For example, if you join the Not-for-Profit Entities Topic and the Disclosures Section, you'll then be able to see all of the disclosure information for the Not-for-Profit Industry area. See the next page for an example.

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Join Sections. By joining the Not-for-Profit Entities Topic with the Disclosure Section, you'll see all of the disclosure sections in the Not-for-Profit Entities Industry area.

Click the areas you desire to see and then click "Join Sections" to see the relevant material.

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Superseded Information

After reaching a section landing page, you'll see an archive tab; click the archive tab to see if the information has been superseded.

Clicking the superseded version yields the old information

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Superseded Information

Once you click the Superceded link, you'll see the prior Codification information - all with strikethroughs.

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See "Other Sources" for New Standards Superseded Standards are removed Exposure Draft Posted to Web Site

New Accounting Standards

Standard is added to Codification upon effective date

FASB will issue the standard FASB will add "Pending Content"

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Accessing New Accounting Standards and Exposure Drafts

Click here to see new Accounting Standards and Exposure Drafts.

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Financial Accounting Standards Board

http://asc.fasb.org/print&rendercmd=asccontent&trid=5670799&nav_typ...

August 31, 2009

Exposure Drafts. The Codification provides a list of current exposure drafts. See example below. Exposure Draft from FASB

Proposed Accounting Standards Update 1700-100Fair Value Measurements and Disclosures (Topic 820)
A number of constituents have recommended that the Board improve U.S. generally accepted accounting principles (GAAP) disclosure requirements related to the Fair Value Measurements and DisclosuresOverall Subtopic (Subtopic 820-10) of the FASB Accounting Standards Codification, originally issued as FASB Statement No. 157, Fair Value Measurements. The Board believes that users will benefit from improved disclosures in this proposed Update and that the benefits of the increased transparency in financial reporting will outweigh the costs of complying with the new requirements. For more information, see the following: Proposed Accounting Standards UpdateFair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements Issued: August 28, 2009 Comment Deadline: October 12, 2009 The Exposure Draft identifies the Codification Subsections that may be added upon issuance of this guidance.

Proposed Accounting Standards Update 1720-100Consolidation (Topic 810)

The objective of this proposed Update is to address implementation issues related to the changes in ownership provisions in the ConsolidationOverall Subtopic (Subtopic 810-10) of the FASB Accounting Standards Codification, originally issued as FASB Statement No. 160, Noncontrolling Interests in Consolidated Financial Statements. For more information, see the following: Proposed Accounting Standards UpdateConsolidation (Topic 810): Accounting and Reporting for Decreases in Ownership of a Subsidiarya Scope Clarification Issued: August 28, 2009 Comment Deadline: September 28, 2009 The Exposure Draft identifies the Codification Subsections that may be added upon issuance of this guidance.

EITF Issue

Draft Abstract EITF0801&0903EITF Issues No. 08-1, "Revenue EITF Arrangements with Multiple Deliverables," and No. 09-3,
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http://asc.fasb.org/print&rendercmd=asccontent&trid=5670799&nav_typ...

Exposure Drafts - Continued.

"Applicability of AICPA Statement of Position 97-2 to Certain Arrangements That Contain Software Elements"
These draft abstracts for Issues No. 08-1, "Revenue Arrangements with Multiple Deliverables," and No. 09-3, "Applicability of AICPA Statement of Position 97-2 to Certain Arrangements That Contain Software Elements," address how to determine whether an arrangement involving multiple deliverables contains more than one unit of accounting, how the arrangement consideration should be allocated among the separate units of accounting, and changes to the accounting for multiple element arrangements under AICPA Statement of Position 97-2, Software Revenue Recognition, that contain software-enabled products. Issue 08-1 was based on and will supersede Issue No. 00-21, "Revenue Arrangements with Multiple Deliverables." The Task Force has previously exposed a draft abstract for Issue 08-1. The Task Force has made substantive changes to that draft abstract as a result of comments received and in connection with Issue 09-3. The Task Force believes that the changes warranted reexposure of Issue 08-1. For more information, see the following: Draft Abstract, EITF Issues No. 08-1, "Revenue Arrangements with Multiple Deliverables," and No. 09-3, "Applicability of AICPA Statement of Position 97-2 to Certain Arrangements That Contain Software Elements" Issued: July 7, 2009 Comment Deadline: August 14, 2009

Exposure Draft 1700-100Disclosures about the Credit Quality of 1700-100 Financing Receivables and the Allowance for Credit Losses
This proposed Statement would require enhanced disclosures about the allowance for credit losses and the credit quality of financing receivables. This proposed Statement would apply to financing receivables held by all creditors, including public and nonpublic entities that prepare financial statements in accordance with generally accepted accounting principles. For more information, see the following: Proposed Statement of Financial Accounting StandardsDisclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses Issued: June 24, 2009 Comment Deadline: August 24, 2009 The Exposure Draft identifies the Codification Subsections that may be added upon issuance of this guidance.

FASB Staff Position

Proposed FSP FAS 157-g 157-gEstimating the Fair Value of Investments in Investment Companies That Have Calculated Net Asset Value per Share in Accordance with the AICPA Audit and Accounting Guide, Investment Companies
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http://asc.fasb.org/print&rendercmd=asccontent&trid=5670799&nav_typ...

Exposure Draft - Continued.

This proposed FASB Staff Position (FSP) amends FASB Statement No. 157, Fair Value Measurements, to provide application guidance for estimating the fair value of investments in investment companies that have calculated net asset value per share in accordance with the AICPA Audit and Accounting Guide, Investment Companies. For more information, see the following: Proposed FSP FAS 157-gEstimating the Fair Value of Investments in Investment Companies That Have Calculated Net Asset Value per Share in Accordance with the AICPA Audit and Accounting Guide, Investment Companies Issued: June 8, 2009 Comment Deadline: July 8, 2009

Proposed FSP FAS 157-fMeasuring Liabilities under FASB 157-f Statement No. 157
This proposed FASB Staff Position (FSP) provides guidance on the fair value measurement of liabilities under FASB Statement No. 157, Fair Value Measurements. For more information, see the following: Proposed FSP FAS 157-fMeasuring Liabilities under FASB Statement No. 157 Issued: May 1, 2009 Comment Deadline: June 1, 2009

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Exposure Drafts - Continued. See an example of an Exposure Draft below.

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Exposure Draft - Continued. The exposure draft will reflect the changes that will be made to the Codification. See example below.

Changes to be made

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New Accounting Standards. Issued accounting standards will appear in the Codification as Accounting Standards Updates. See example below.

Number of the new standard

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New Accounting Standards - Continued

Example of an Amendment and its effect upon the Codification

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Pending Content. Once FASB approves a new accounting standard, it will be placed in the Codification as "Pending Content". See the example below. Once the standard becomes effective, the "Pending Content" notification will be removed and the new standard will be moved into the Codification.

Example of Pending Content

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Topics Subtopics Sections Subsections

Structure of the Codification

Codification: Single Source of GAAP

What We've Learned

How New Standards Will Be Brought Into the Codification

Drilling Down From Areas

How to Locate Information

Search Box Joining Sections

Single License: $850 per year

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