Accounting Standards

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FASB Accounting Standards Codification

On July 1, 2009 the FASB launched the FASB Accounting Standards Codification as the single source of authoritative nongovernmental U.S. GAAP, combining and replacing the jumbled mix of accounting standards that have evolved over the last 50+ years. The Codification is effective for interim and annual periods ending after September 15, 2009. All existing accounting standards documents are superseded as described in FAS No. 168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles. All other accounting literature not included in the Codification is nonauthoritative.

While not intended to change U.S. GAAP, the Codification significantly changes the way in which accounting literature is organized. It is organized by accounting topic and this should enable users to more quickly identify the guidance that applies to a specific accounting issue. However, since the Codification will completely replace existing standards, the Codification will affect the way companies reference U.S. GAAP in their financial statements and accounting policies. 

Finding Financial Accounting Standards Board (FASB) Standards

Finding U.S. Securities and Exchange Commission (SEC) Accounting Rules and Releases

Finding Governmental Accounting Standards Board Publications

Finding Federal Accounting Standards Advisory Board Standards

The mission of the FASAB is to promulgate federal accounting standards after considering the financial and budgetary information needs of citizens, congressional oversight groups, executive agencies, and the needs of other users of federal financial information. Accounting and financial reporting standards are essential for public accountability and for an efficient and effective functioning of our democratic system of government. Thus, federal accounting standards and financial reporting play a major role in fulfilling the government's duty to be publicly accountable and can be used to assess (1) the government's accountability and its efficiency and effectiveness, and (2) the economic, political, and social consequences of the allocation and various uses of federal resources. This website provides access to all publications issued by FASAB including exposure drafts, the volumes presenting Original Pronouncements and current text, newsletters, minutes and meeting agendas.

If you have questions about state and local governmental entity accounting, please visit

If you have questions about non-governmental entity accounting, please visit

Finding International Financial Reporting Standards

Public Companies Accounting Oversight Board

Formed in 2002 to oversee the audit of public companies that are subject to the securities laws in the preparation of informative, fair and independent audit reports.

Section 103 of the Sarbanes-Oxley Act of 2002 directs the Board to establish auditing and related attestation, quality control, ethics, and independence standards and rules to be used by registered public accounting firms in the preparation and issuance of audit reports as required by the Act or the rules of the Securities and Exchange Commission. The Board's Office of the Chief Auditor advises the Board on the establishment of such auditing and related professional practice standards. The Board also seeks advice from its Standing Advisory Group and ad hoc task forces and working groups.

Section 102 of the Sarbanes-Oxley Act of 2002 prohibits accounting firms that are not registered with the Board from preparing or issuing audit reports on U.S. public companies and from participating in such audits. Section 106(a) of the Act provides that any non-U.S. public accounting firm that prepares or furnishes an audit report with respect to any U.S. public company is subject to the Board's rules to the same extent as a U.S. public accounting firm. Section 106(a) further authorizes the Board to require that non-U.S. public accounting firms that do not issue such reports, but that play a substantial role in the preparation of the audit reports, register.

Section 104 of the Sarbanes-Oxley Act of 2002 requires the Board to conduct a continuing program of inspections of registered public accounting firms. In those inspections, the Board assesses compliance with the Act, the rules of the Board, the rules of the Securities and Exchange Commission, and professional standards, in connection with the firm's performance of audits, issuance of audit reports, and related matters involving issuers. The Act requires the Board to conduct those inspections annually for firms that provide audit reports for more than 100 issuers and at least triennially for firms that provide audit reports for fewer issuers. The Act requires the Board to prepare a written report concerning each inspection. Under the Act and the Board's rules, the Board provides a copy of each report, in appropriate detail, to the Commission and to certain state regulatory authorities. The Board also makes portions of those reports available to the public, subject to restrictions in the Act that prohibit, or require a delay in, the public disclosure of certain information.

Journal and Professional Literature

Last Updated: Sep 6, 2022 2:00 PM