The FASB voted on June 3, 2009 to approve the FASB Accounting Standards Codification™ as the single source of authoritative nongovernmental U.S. Generally Accepted Accounting Principles (GAAP). It will launch July 1, 2009.
The Codification will be effective for interim and annual periods ending after September 15, 2009. This means that preparers must begin to use the Codification for periods that begin on or about July 1, 2009.
Calendar year-end companies would initially apply the Codification to their third-quarter interim financial statements.
All existing accounting standard documents are superseded. With the launch of the Codification all other accounting literature not included in the Codification will be considered nonauthoritative.
The FASB's website is www.fasb.org.
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