FASB launches one-year verification phase

The Federal
Accounting Standards Board
(FASB) has launched the one-year verification
phase of the FASB Accounting Standards Codification when accountants should use
the online codification research system to research accounting issues and
provide feedback on whether the content accurately reflects existing US GAAP for
non-governmental entities.

After addressing issues during the feedback process, FASB is expected to
formally approve the codification as the single source of authoritative US GAAP,
other than guidance issued by the Securities and Exchange Commission (SEC).

Users who register at
are able to review the codification free of charge and provide specific
content-related feedback. During the verification period, codification content
will be updated for changes based on feedback received and any new standards.

The codification includes all accounting standards issued by a
standard-setter within levels A through D of the current US GAAP hierarchy,
including FASB, American Institute of Certified Public Accountants (AICPA),
Emerging Issues Task Force (EITF) and related literature. The codification does
not change GAAP but reorganises US GAAP pronouncements on accounting topics.

Further reading:

KPMG: IFRS standards in first main test

FASB faces major overhaul

Related reading

Fiona Westwood of Smith and Williamson.