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SEC Content Released Onto FASB Codification NORWALK, Conn., April 4, 2008 (SmartPros) The Financial Accounting Standards Board has released selected portions of Securities and Exchange Commission content onto the FASB Accounting Standards Codification for reference by public companies. The Codification does not change the SEC content. Instead it includes the content reorganized into roughly 90 accounting topics to more closely align with the non-SEC content. FASB launched the Codification on Jan. 15, 2008, for a one-year verification phase. During the verification period, constituents are encouraged to use the online Codification Research System free of charge -- by registering at http://asc.fasb.org -- to research accounting issues and provide feedback on whether the Codification content accurately reflects existing U.S. GAAP for nongovernmental entities. In early 2009, FASB expects to approve the non-SEC Codification content as the single authoritative source of U.S. accounting and reporting standards. |
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