FASB has launched the one-year verification period for the FASB Accounting Standards Codification
The Federal Accounting Standards Board (FASB) has launched the one-year verification phase of the FASB Accounting Standards Codification when accountants should use the online codification research system to research accounting issues and provide feedback on whether the content accurately reflects existing US GAAP for non-governmental entities.
After addressing issues during the feedback process, FASB is expected to formally approve the codification as the single source of authoritative US GAAP, other than guidance issued by the Securities and Exchange Commission (SEC).
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