FASB Codification - July 1, 2009

Will the New FASB Code Change Accounting? - CFO

The most obvious change that all CFOs must make is to change financial statements to eliminate the old rule references and either replace them with topic and subtopic numbers, or eliminate them altogether in favor of plain English. That part should be simple, says John Hepp, a partner at Grant Thornton, in part because the codification system has a feature that helps with cross-referencing. The changes will apply to all quarterly and annual financial statements issued for periods ending after September 15.