FASB Launches Verification Phase for the FASB Accounting Standards Codification(TM)

NORWALK, Conn.--(Business Wire)--The Financial Accounting Standards Board (FASB) today officially
launched the one-year verification phase of the FASB Accounting
Standards Codification(TM) (Codification). During the verification
period, constituents are encouraged to use the online Codification
Research System free of charge to research accounting issues and
provide feedback on whether the Codification content accurately
reflects existing U.S. generally accepted accounting principles (GAAP)
for nongovernmental entities. Users are advised that the Codification
content is not yet approved as authoritative and, therefore, they must
verify research results using their existing resources for the
currently effective literature.

After addressing the issues raised during the constituent feedback
process, the FASB is expected to formally approve the Codification as
the single source of authoritative U.S. GAAP, other than guidance
issued by the Securities and Exchange Commission (SEC). To improve
usability, the Codification will include authoritative content issued
by the SEC, as well as selected SEC staff interpretations. Upon
approval by the FASB, all accounting standards (other than the SEC
guidance) used to populate the Codification will be superseded. At
that time, with the exception of any SEC or grandfathered guidance,
all other accounting literature not included in the Codification will
become nonauthoritative.

Users who register at http://asc.fasb.org are able to review the
Codification free of charge and provide specific content-related
feedback at the individual paragraph level as well as general
system-related feedback. During the verification period, Codification
content will be updated for changes resulting from constituent
feedback and new standards.

The Codification includes all accounting standards issued by a
standard-setter within levels A through D of the current U.S. GAAP
hierarchy, including FASB, American Institute of Certified Public
Accountants (AICPA), Emerging Issues Task Force (EITF), and related
literature.

The Codification does not change GAAP; instead it reorganizes the
thousands of U.S. GAAP pronouncements into roughly 90 accounting
topics, and displays all topics using a consistent structure. The SEC
guidance will follow a similar topical structure in separate SEC
sections.

The FASB expects that the new structure and new system will:

-- Reduce the amount of time and effort required to solve an
accounting research issue.

-- Improve usability of the literature thereby mitigating the
risk of noncompliance with standards.

-- Provide real-time updates as new standards are released.

-- Assist the FASB with the research and convergence efforts
required during the standard-setting process.

-- Become the authoritative source of literature for the
completed XBRL taxonomy.

The home page of the Codification Research System includes various
items that users should be aware of, including:

-- A suggested approach for verifying the Codification content.

-- A Notice to Constituents that describes Codification-related
matters, including content matters for constituent feedback.
For example, the Notice addresses the standards and elevated
guidance used to populate the Codification, the use of
December 31, 2008, as the authoring effective date, and
conflicts resolved by Board decision for which the Board is
requesting feedback.

-- Content excluded from the Codification Research System on the
verification launch date. The FASB expects to release such
content shortly after the initial launch.

The Codification Research System also includes general information
about how to use the online research system and special features such
as Cross Reference Reports (to locate where standards reside), Join
Sections (to join similar Sections from multiple Topics and Subtopics
into a single document), and Go To (to jump directly to a specific
Topic, Subtopic, Section, or paragraph).

The Accounting Standards Codification excludes governmental
accounting standards.

About the Financial Accounting Standards Board

Since 1973, the Financial Accounting Standards Board has been the
designated organization in the private sector for establishing
standards of financial accounting and reporting. Those standards
govern the preparation of financial reports and are officially
recognized as authoritative by the Securities and Exchange Commission
and the American Institute of Certified Public Accountants. Such
standards are essential to the efficient functioning of the economy
because investors, creditors, auditors, and others rely on credible,
transparent, and comparable financial information. For more
information about the FASB, visit our website at www.fasb.org.

Financial Accounting Standards Board
Christine Klimek, 203-956-3459

Copyright Business Wire 2008