FAF Releases Updated Print Edition of FASB Accounting Standards
Norwalk, CT, March 11, 2013—The Financial
Accounting Foundation (FAF) today released an updated print edition of the
Financial Accounting Standards Board´s Accounting Standards
Codification®, the single, authoritative source of U.S. Generally Accepted
Accounting Principles (U.S. GAAP) for public and private companies, and
not-for-profit organizations. The new four-volume bound edition of the FASB
Codification contains all of the content of the online Codification as of
October 31, 2012.
The annual bound edition of the Codification is
intended to be used as a reference tool in conjunction with the always-current
online Codification available at https://asc.fasb.org/.
Accounting Standards Codification® organizes the thousands of U.S. GAAP
pronouncements, excluding governmental accounting standards, into roughly 90
accounting Topics and displays all Topics using a consistent structure. It also
includes relevant Securities and Exchange Commission (SEC) guidance that follows
the same topical structure in separate sections in the Codification.
Codification is indexed by the following volumes:
Volume 1 includes the Notice to Constituents, which
provides information to aid in understanding the topical structure, content,
style, and history of the FASB Codification. Volume 1 also contains standards
relating to General Principles (Topic 105), Presentation (Topics 205 through
280), Assets (Topics 305 through 360), Liabilities (Topics 405 through 480),
and Equity (Topic 505).
Volume 2 includes standards relating to Revenue (Topic
605), Expenses (Topics 705 through 740), and the beginning of the Broad
Transactions Area (Topics 805 through 815).
Volume 3 includes standards relating to the remainder of
the Broad Transactions Area (Topics 820 through 860) and the beginning of the
Industry Area (Topics 905 through 944).
Volume 4 includes standards relating to the remainder of
the Industry Area (Topics 946 through 995), the Master Glossary, and the
The annual print edition of the FASB Accounting
Standards Codification® can be ordered online at the FASB
store at the cost of $215.00.
About the Financial
Accounting Standards Board
Since 1973, the Financial Accounting
Standards Board has been the designated organization in the private sector for
establishing standards of financial accounting and reporting. Those standards
govern the preparation of financial reports and are officially recognized as
authoritative by the Securities and Exchange Commission and the American
Institute of Certified Public Accountants. Such standards are essential to the
efficient functioning of the economy because investors, creditors, auditors, and
others rely on credible, transparent, and comparable financial information. For
more information about the FASB, visit our website at http://www.fasb.org/.
Financial Accounting Foundation
The FAF is responsible for the
oversight, administration, and finances of both the Financial Accounting
Standards Board (FASB) and its counterpart for state and local government, the
Governmental Accounting Standards Board (GASB). The Foundation is also
responsible for selecting the members of both Boards and their respective