The Financial Accounting Standards Board's (FASB) Codification is a reorganization of current U.S. GAAP into a topical format that eliminates the current GAAP hierarchy and establishes instead two levels of guidance:
The Codification is not intended to change U.S. GAAP and is
Organized by accounting topic
Expected to streamline accounting research
Codification includes only selected SEC guidance.
It was issued on July 1, 2009.
Effective date for calendar year companies: Q3-2009 financials