Creation of The Codification
On July 1, 2009, the FASB announced the launch of its Accounting Standards Codification, declaring it to be "the single source of authoritative nongovernmental U.S. generally accepted accounting principles." The Codification organizes the many pronouncements that constitute U.S. GAAP into a consistent, searchable format. The Codification is not to be confused with the FASB's Conceptual Framework, a project begun in 1973 to develop a sound theoretical basis for the development of accounting standards in the United States.
Read more about this topic: Financial Accounting Standards Board
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“As a natural process, of the same character as the development of a tree from its seed, or of a fowl from its egg, evolution excludes creation and all other kinds of supernatural intervention.”
—Thomas Henry Huxley (1825–95)