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Effective for FS issued after 9/15/09 The “codification” replaces previous standards.

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Presentation on theme: "Effective for FS issued after 9/15/09 The “codification” replaces previous standards."— Presentation transcript:

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2 Effective for FS issued after 9/15/09 The “codification” replaces previous standards

3 1938 CAP formed 1959 APB formed 1973 FASB formed CAP Issued 51 ARBs APB Issued 31 Opinions FASB Issued ____ Statements 21 years14 years 36 years 168 5 to 6 per year 2009 Codification Effective 2009

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10 Place topic on agenda Appoint Task Force Conduct Research Issue Discussion Memorandum Hold public hearing Analysis of public response Issue Exposure Draft of ASU Hold Public Hearings Analysis of public response Modify exposure draft Vote (approval requires 5 of 7) Issue Accounting Standard Update (ASU) Due Process in Standard Setting

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22 Step 1 – FIND the material!

23 Step 2 – APPLY standard to the facts

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