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 All existing accounting standards documents are superseded as described in FAS No. 168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles.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
- Accounting standards. Original pronouncements byPublication Date: 1982Contains the Statements of Financial Accounting Standards issued by the FASB from its inception in 1973 to the present. A companion volume (v. 3) contains: Accounting Research Bulletins, APB Opinions, Interpretations of Accounting Research Bulletins and APB Opinions, FASB Interpretations, FASB Statements of Financial Accounting Concepts, and FASB Technical Bulletins. A shading technique is used to alert the reader when paragraphs containg accounting standards have been amended, superseded or deleted.
- Accounting standards. Current text byPublication Date: 1982The Financial Accounting Standards Board Current Text is an integration of currently effective accounting and reporting standards arranged by the major subject areas to which they apply. Subjects are arranged alphabetically.
Finding U.S. Securities and Exchange Commission (SEC) Accounting Rules and Releases
- SEC Staff Accounting BulletinsStaff Accounting Bulletins reflect the US Securities and Exchange Commission staff's views regarding accounting-related disclosure practices. They represent interpretations and policies followed by the Division of Corporation Finance and the Office of the Chief Accountant in administering the disclosure requirements of the federal securities laws.
Finding Governmental Accounting Standards Board Publications
- Governmental Accounting Standards BoardThe mission of the Governmental Accounting Standards Board is to establish and improve standards of state and local governmental accounting and financial reporting that will result in useful information for users of financial reports and guide and educate the public, including issuers, auditors, and users of those financial reports.
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 http://www.gasb.org/.
If you have questions about non-governmental entity accounting, please visit http://www.fasb.org/.
Finding International Financial Reporting Standards
- International Financial Reporting Standards and the International Accounting Standards BoardThe IFRS Foundation is an independent, not-for-profit private sector organisation working in the public interest. Its principal objectives are:
to develop a single set of high quality, understandable, enforceable and globally accepted international financial reporting standards (IFRSs) through its standard-setting body, the IASB;
to promote the use and rigorous application of those standards;
to take account of the financial reporting needs of emerging economies and small and medium-sized entities (SMEs); and
to bring about convergence of national accounting standards and IFRSs to high quality solutions.
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
- Business Source PremierUse this popular research database to find business articles from 2,200 journals and magazines in marketing, management, information technology, operations, human resources, accounting, finance and economics dating back to 1965. Additional company and industry profiles from Datamonitor are included along with country reports and SWOT analyses.
- FactivaFull text articles and transcripts from news sources, business magazines, and websites with international and foreign language coverage. Includes daily newspapers, television transcripts, newswires, and all editions of the Wall Street Journal. Financial information for publicly traded companies, stocks, funds, currencies, and common market indexes. Limited to 7 simultaneous users.
- HeinOnline This link opens in a new windowHuge legal search tool with full-text of legal journals, legal histories, government documents, state and federal cases, international law and includes coverage of many older legal materials. Contains the Congressional Record, Federal Register, and Code of Federal Regulations, complete coverage of the U.S. Reports (Supreme Court) back to 1754.
- Google Scholar (UMN setup required)To gain off-campus access to articles from library journal subscriptions, change the Library Settings to University of Minnesota Twin Cities in Google Scholar (see this tutorial) Use Google Scholar to find articles from academic publishers, professional societies, research institutes, and scholarly repositories from colleges and universities. Look for the "FindIt@U of M Twin Cities" links in your Google Scholar search results to access library subscriptions.