U.S. accounting and reporting standards are undergoing a major restructuring, and the Financial Accounting Standards Board is alerting constituents to significant changes that are expected to occur in the near future.

On July 1, 2009, the FASB Accounting Stnadards Codification is expected to officially become the single source of authoritative nongovernmental U.S. generally accepted accounting principles -- superceding existing FASB, American Institute of Certified Public Accountants, Emerging Issues Task Force and related literature. After that date, only one level of authoritative GAAP will exist, and all other literature will be considered nonauthoritative.

In this regard, there are several ways for preparers to become accustomed with the new regime, and this Web site will provide information as it comes in. (See the In Brief section of the June issue of Financial Executive for information.)

Further, the attached from Deloitte's issue of "Heads Up" provides some guidance.