The Accounting Standards Codification (ASC) will replace all current US Generally Accepted Accounting Principles (GAAP) standards and become the single authoritative source for US accounting principles effective July 1, 2009. The ASC will affect all public and non-public entities in the US, but does not change any SEC reporting requirements for public companies or address standards for governmental entities. Users are advised to familiarize themselves with the ASC if they have responsibility for accounting or financial statements of a US company.