FASB Codification Launches; Will Become Single Source Of U.S. GAAP
July 1, 2009
FEI Summary

On July 1, 2009 the Financial Accounting Standards Board’s Codification became the single, official source of United States generally accepted accounting principles, superceding all prior U.S. GAAP. The move was officially effected by the issuance of FAS 168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles - A Replacement of FAS 162, on June 29. See FASB’s July 1, 2009 press release and this FEI summary for more information.

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KPMG