One of accounting’s most complex and significant projects — the codification of the country’s generally accepted accounting principles — is about to step into daylight.After four years of intense and technically complex labor, the Financial Accounting Standards Board is about to release the massive compilation of standards, statements, issues, interpretations, bulletins, positions, guides, abstracts and opinions.
Actually, “compilation” may be too simple a description. The board has done more than bring together all existing authoritative GAAP pronouncements and restructure them as a single, massive standard. It has also revamped the organization of these principles into some 90 topics, the elements of which are interlinked in a complex web.
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