Thursday, June 11, 2009

GAAP Codification is Coming! You Didn't Know?

The FASB has been working its GAAP codification project for a long time, and it is going effective July 1, 2009.

What? You didn't know about it?

You aren't the only one. I freely admit to only catching on this sometime after April 15. Robert Stewart at AccountingNation.com found out a bit more recently, and to his credit pokes fun at himself; obviously he and I have something in common!

As Robert's post says, GAAP shouldn't change. But whatever isn't in the codification won't be considered GAAP. This will be effective for year ends after September 15, 2009 - all of you calendar year-end entities will be affected.

I think I better learn more about it too.

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