FASB ASC--Can Small Users Afford It?

The FASB Accounting Standards Codification online could be the best accounting research system available! In fact, it was designed to become the single source of authoritative U.S. accounting and reporting standards, except for SEC rules and interpretive releases. Having used the system extensively during its verification phase, we were excited about its launch on July 1, 2009.


We were stunned, however, to learn at the last minute the fee for single, non-concurrent use is $850! For small nonpublic and nonprofit entities, and many smaller CPA firms serving them, we believe this fee is inappropriate. Since smaller entities and their CPAs may be required to report in accordance with generally accepted accounting principles, they will be forced to pay this fee or use other less-current, harder-to-use reference materials.


The economic realities facing smaller entities and CPA firms are not being considered by the FASB in pricing the ASC! If this is to change, our voices must be heard. It's time for small entities and CPA firms to seek alternative pricing from the FASB. COMPLAIN! Go to the websites for the FASB, AICPA, IMA, GASB, state societies of CPAs and other industry associations to send your complaint and ask them to help influence the FASB pricing of the ASC. If it is to be the one authoritative source of U.S. GAAP, it should be available for everyone!


Weigh in about how you feel by commenting on this post. Visit us at www.cpafirmsupport.com, or email me, Larry Perry, at larry@cpafirmsupport.com and let us know how we can better serve you.