StandardsThe FASB makes publicly available the authoritative standards that it has issued, as well as the standards issued by its predecessors (the Accounting Principles Board and the Committee on Accounting Procedure). Also available are nonauthoritative Statements of Financial Accounting Concepts issued by the FASB.
The FASB Accounting Standards CodificationTM is the source of authoritative generally accepted accounting principles (GAAP), other than those issued by the Securities and Exchange Commission, recognized by the FASB to be applied by nongovernmental entities. The Accounting Standards Codification is effective for interim and annual periods ending after September 15, 2009. All previous level (a)-(d) US GAAP standards issued by a standard setter are superseded. Level (a)-(d) US GAAP refers to the previous accounting hierarchy. All other accounting literature not included in the Accounting Standards Codification will be considered nonauthoritative.
FASB Accounting Standards Updates (2009 to present)
As of July 1, 2009, changes to the FASB Accounting Standards Codification™ are communicated through issuance of an Accounting Standards Update (Update). An Update is not authoritative; rather, it is a document that communicates how the Accounting Standards Codification has been amended. It also provides other information to help a user of GAAP understand how and why GAAP is changed and when the changes are effective.
Concepts Statements (1978 to present)
The FASB Concepts Statements are intended to serve the public interest by setting the objectives, qualitative characteristics, and other concepts that guide selection of economic phenomena to be recognized and measured for financial reporting and their display in financial statements or related means of communicating information to those who are interested. Concepts Statements guide the Board in developing sound accounting principles and provide the Board and its constituents with an understanding of the appropriate content and inherent limitations of financial reporting. A Statement of Financial Accounting Concepts does not establish generally accepted accounting standards.
Pre-Codification Standards (2009 and earlier)
The FASB makes available all standards issued by it and its predecessors that were superseded by the FASB Accounting Standards CodificationTM.