How is everybody coping with new U.S. GAAP codification? I am sure it would take some time before we all get used to the new numbering. Do share your experiences with me. I am posting the link for a 2 page simple guide, which would help you with transitioning to US GAAP codification. http://ugaap.com/blog/?p=234
New GAAP Codification
Answers
Resources tab is where folks primarily look for tools and guidance of this sort. You can go to the Resources tab up top or just hit the "Create Resource" button in the right side column on this page.
Regarding your question on coping, I think it depends on the nature of one's organization. SEC registrants who file quarterly reports have already had to deal with it.
For non-public companies it will likely just be a year-end exercise when drafting the GAAP financial statements and footnotes in particular. Since my company is private I have not really thought about it yet, will be something I will consider in January of 2010.
Ultimately it should just be a referencing and disclosure translation issue as the actual GAAP has not changed.
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While the intent was not to change GAAP, some of the language was changed. For example "should" became "shall". This could have an impact if your organization interpreted "should" as "not mandatory"....
Hi Kimberly,
Thanks for the comments - can you please point to the exact topics/sections where the language has changed, which in your opinion would cause potential problems in the application of U.S. GAAP.
I could be wrong but I don't think there should be any actual changes to GAAP here. Perhaps there is the potential for new iterpretation in some spots but I don't believe that was the intention of the codification project. Below is from PwC:
The FASB has adopted the FASB
We are a larger private compeny but resprot on a substantially public company basis, and have had no difficulties. I still do not have the sections numbers memorized as well as some of the prior standards [from more than 30 years of use], but have a hand cross reference document suitable for framing from our auditors at PwC
It would be great if we could share this cross reference document with the Proformative Community. If you can e-mail it to me at [email protected] then I can get it posted, and I will post the link in this dicussion stream once we get it posted.
The FASB has a free cross reference tool on their website. Select the old standard in a drop down box and the new Codification references are returned. Select the Codification reference and the old standards are returned.
You need to register for the free basic level tool.
http://asc.fasb.org/home
When logged in select Cross Reference
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