Now open to public scrutiny, FASB's codification tool is a one-stop shop for both accounting experts and newbies.
The Financial Accounting Standards Board has unveiled what it believes to be the official GAAP rulebook, pending verification by its constituents. Instead of an unwieldy, leather-bound document of tens of thousands of pages, the text is presented on a new website that can be searched and easily reviewed.
After working on its codification project for almost six years, the accounting oversight board now is asking users of generally accepted accounting principles to play with the new tool and point out any missing rules within the year. The board has pulled text from its own standards as well as those from the American Institute of Certified Public Accountants, the Emerging Issues Task Force, and the Securities and Exchange Commission.
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The tool isn't just for accounting experts. Anyone can visit the site for free and, after plugging in basic identifying information, search the site.
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