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FASB Accounting Standards Codification

The FASB Accounting Standards Codification is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied to nongovernmental entities. The Codification is effective for interim and annual periods ending after September 15, 2009.

Cards

Format

The Codification’s categories are organized by Topic, Subtopic, Section, and paragraph, each with a numerical designation. The Sections in every Subtopic are labeled uniformly, as follows:

00	Status	40	Derecognition
05	Overview and Background	45	Other Presentation Matters
10	Objectives	50	Disclosure
15	Scope and Scope Exceptions	55	Implementation Guidance and Illustrations
20	Glossary	60	Relationships
25	Recognition	65	Transition and Open Effective Date Information
30	Initial Measurement	70	Grandfathered Guidance
32	Measurement	75	XBRL Elements
35	Subsequent Measurement	S99	SEC Material

> Accounting Updates

The Codification is updated via Accounting Standards Updates (ASUs). These are assigned a number that corresponds to the year of the ASU’s issuance and its sequential order (e.g., the first ASU issued in 2010 was 2010-01). ASUs replace accounting changes that historically were issued as FASB Statements, FASB Interpretations, FASB Staff Positions, or other types of FASB standards. ASUs contain a background and basis for conclusions as well as a marked draft of any changes to existing guidance. The new guidance is labeled “Pending Content” in the Codification, and the superseded guidance will not be removed until the guidance in the ASU is effective for all entities. ASUs are available in PDF format on the FASB’s Web site.