FasbHow complex are U.S. generally accepted accounting principles?

“Consider this,” writes the AICPA. “(GAAP) comprises thousands of individual pronouncements, including those of the Financial Accounting Standards Board, the AICPA’s Accounting Standards Executive Committee, the Emerging Issues Task Force and the SEC. “

The Financial Accounting Standards Board wants to bring order to the chaos. The FASB has launched what it calls the Accounting Standards Codification Project. It’s not changing GAAP. Rather, it is reorganizing the thousands of existing pronouncements into “a more readable, easy-to-use set of standards available in one spot,” according to the AICPA.

CPAs and other interested parties can provide feedback about the project for the next year by registering to review the codification.

Read this codification Q&A, then tell us what you think about the pr0ject.

Loading