Pre-July, 2007 U.S. preparers of corporate financial statements cite individual pronouncements for
compliance with GAAP (Generally Accepted Accounting Principles).
For paper access to these archival standards, go to the FASB/AICPA Series Access in Print.
Post July, 2007 U.S. preparers of corporate financial statements cite specific reference in the
Codification to document compliance. (The Codification integrates all U.S.
authoritative pronouncements topically into one document.)
For a print overview of the Codification hierarchy, consult the GAAP Guide.
For electronic access to the FASB Codification ,
order a Basic View of the Codification free-of-charge.
Ongoing In an effort to more closely align U.S. and international financial accounting
standards, a convergence team examines how the differences between the
two sets of standards can be eliminated or minimized - in effect lead to harmonization.
For a better understanding, see MAKING THE TRANSITION .
2015 SEC’s latest target date for U.S. companies to fully adopt the integrated FASB/IFRS
standards in their financial reporting.