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FASB Accounting Codification Updated in Print

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Norwalk, Conn. (March 11, 2013)

By Michael Cohn

The Financial Accounting Foundation has released an updated print edition of the Financial Accounting Standards Board’s Accounting Standards Codification, and appointed some new members to its advisory committees.

The Codification provides an authoritative source of U.S. GAAP for public and private companies, along with not-for-profit organizations.

The four-volume bound edition of the FASB Codification contains all of the content of the online Codification as of Oct. 31, 2012.

The annual bound edition of the Codification is intended to be used as a reference tool in conjunction with the always-current online Codification available at https://asc.fasb.org.

The FASB Accounting Standards Codification organizes thousands of U.S. GAAP pronouncements, excluding governmental accounting standards, into roughly 90 accounting topics and displays all the topics using a consistent structure. It also includes relevant Securities and Exchange Commission (SEC) guidance that follows the same topical structure in separate sections in the Codification.

The annual print edition of the FASB Accounting Standards Codification can be ordered online at the FASB store for $215.

Emerging Issues Task Force
Separately, FASB appointed a number of new members to its Emerging Issues Task Force, Investors Technical Advisory Committee and Not-for-Profit Advisory Committee. The EITF helps FASB improve financial reporting through the timely identification, discussion, and resolution of financial accounting issues.

Alexander M. Corl has been appointed to FASB’s EITF. He is CFO and treasurer of The Lee Company, a privately held manufacturing company based in Westbrook, Conn.

Investors Technical Advisory Committee
The ITAC is a standing resource to the FASB that provides investors’ perspectives on current projects and on the implementation of new standards. The ITAC also identifies critical accounting and financial reporting issues that require FASB’s attention. Six new members have been appointed to the Investors Technical Advisory Committee:

• Frederick Cannon, director of research, chief equity strategist and executive vice president, Keefe, Bruyette & Woods, Inc., Research Division, New York
• Wallace Enman, senior accounting analyst, Moody’s Investors Service, New York
• Brian Foran, partner,  U.S. Regional Banks and Cards, Autonomous Research, New York
• Jonathan Nus, CPA, senior director, Standard & Poor’s—Ratings Services, New York
• Kevin W. Shea, CFA, director of quantitative research, Cadence Capital Management, LLC, Boston
• David Trainer, CEO, New Constructs, Brentwood, Tenn.

Not-for-Profit Advisory Committee
The NAC serves as a standing resource for the FASB for discussing financial reporting issues and potential improvements with the not-for-profit sector.

Larry Probus, senior vice president of World Vision U.S., in Washington, D.C., has been appointed to the Not-for-Profit Advisory Committee.

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