On January 15,2008,the FASB launched its long-awaited FASB Accounting Standards Codification for a one-year verification period.The codification does not change U.S.generally accepted accounting principles (GAAP).It includes all accounting standards issued by a standard-setter within levels A through D of the current U.S.GAAP hierarchy,which includes all FASB,American Institute of Certified Public Accountants (AICPA),Emerging Issues Task Force (EITF),and related literature.During the verification period the FASB is asking users to provide feedback on whether the content accurately reflects existing U.S.GAAP for nongovernmental entities.The codification reorganizes the thousands of U.S.GAAP pronouncements into approximately 90 accounting topics,and displays all the topics using a consistent structure.The final codification will also include authoritative content issued by the SEC,as well as selected SEC staff interpretations to improve usability,selected portions of which the FASB released in to the codification in April,2008.
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