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
Famous quotes containing the word creation:
“We should always remember that the work of art is invariably the creation of a new world, so that the first thing we should do is to study that new world as closely as possible, approaching it as something brand new, having no obvious connection with the worlds we already know. When this new world has been closely studied, then and only then let us examine its links with other worlds, other branches of knowledge.”
—Vladimir Nabokov (1899–1977)