FASB Codification Project

Another article about the new FASB codification project. It warns that some of the coding may affect internal controls and accounting manuals.

"The harder issue," says Hepp, is that CFOs will need to review all accounting manuals and internal controls to adjust for the new system. "You have to make sure you weren't relying on any ambiguity in the wording or that there wasn't something in lower-level GAAP that's been brought up [to be authoritative]," he says. "When you change words from 'should' or 'generally' to 'must' or 'will' - which has been done - there could be some changes. And such changes could lead to a restatement if there's a significant change.

This project has taken all GAAP and combined it into one web site. You can find it here. It's free to use until July 1. After that, the basic version will be free. A one person license will be $850.