• 10 Aug 2009

Befuddled by FASB?

On July 1, the Financial Accounting Standards Board (FASB) released the Accounting Standards Codification. Simultaneously, the Tax & Accounting business of Thomson Reuters added FASB Accounting Standards Codification TM (FASC) to its industry-leading online platform -- Checkpoint®. Providing everything a practitioner needs to ease the transition to the new codified standards, FASC offers 'live links' between the new Codification and the pre-Codification standards, access to world-class accounting and financial reporting analysis, as well as training courses on the Codification.

Today more than ever, practitioners need to keep up to date with changing regulations and standards. We're not only committed to helping our clients stay current, but also to easing the time and effort involved in transitioning to these changes. Our productivity tools and expert content enable our customers to work more efficiently and effectively and have the comfort of knowing they've covered all bases during the research process.

Following are highlights of how the new FASB Accounting Standards Codification and its integration with Checkpoint help practitioners work smarter, faster, and easier:

  • An enhanced cross-reference table allows users to identify where pre-Codification standards reside in the Codification with links from the table to both old and new standards
  • Live links between the Codification and the pre-Codification standards let practitioners quickly see both for faster research
  • Robust linking provides easy access between the expert analysis from WG&L, RIA, and PPC and the Codification
  • and Custom search templates and more efficient navigation tools help significantly reduce research time.

The FASB's Accounting Standards Codification was designed to simplify access to, and improve research of, GAAP (Generally Accepted Accounting Principles). Effective for interim and annual periods ending after September 15, 2009, the Codification will be the sole source of authoritative U.S. accounting and reporting standards, other than guidance issued by the SEC, for all nongovernmental entities, superseding all existing accounting standards. Read more about FASB Accounting Standards Codification.

The Tax & Accounting business of Thomson Reuters is the leading provider of technology and information solutions, as well as integrated tax compliance software and services to accounting, tax and corporate finance professionals in accounting firms, corporations, law firms and government.

More Information

To try FASC™ on Checkpoint® free for 30 days, call 800.950.1216 or register for a free trial.

Continuing Professional Education (CPE) courses to help practitioners become more prepared for the transition are also available:

  • FASB Codification & Free Checkpoint Training webinar on August 14, August 28, September 17, September 30, and January 22
  • Researching in 2010: Understanding the FASB Codification audio conference on November 18 or on demand thereafter
  • Decoding the FASB Codification downloadable self-study in August

Find more information on FASB CPE training.