As of July 1, 2009, the only authoritative source for FASB standards is the FASB Accounting Standards Codification (FASB Codification). In August 2009 as part of its educational mission, the Financial Accounting Foundation (FAF), in a joint initiative with the American Accounting Association (AAA), began providing the online FASB Accounting Standards Codification® Professional View (the Codification) to faculty and students in accounting programs at post-secondary academic institutions. As of 2013, the subscription includes at no additional cost access to the Governmental Accounting Research System™ (GARS Online). GARS Online provides efficient, effective, and easy access to all U.S. Generally Accepted Accounting Principles (GAAP) and related literature for state and local governments.
The AAA will provide direct services to accounting departments through its Academic Accounting Access program; issuing authentication credentials for faculty and students through Registered Accounting Programs, at a low annual institutional fee.
It is helpful to know the following accounting acronyms commonly referring to reports, bulletins, and interpretations issued as part of the accounting standards process:
ARB - Accounting Research Bulletins
ABP - Accounting Principles Board Opinions
AIN - AICPA Accounting Interpretations
APS - Accounting Principles Board Statements
ATB - Accounting Terminology Bulletins
Issued from the FASB are:
Statements of Financial Accounting Standards (FAS)
An organization formed in 1984 by the Financial Accounting Standards Board (FASB) to provide assistance with timely financial reporting and resolve accounting issues. The EITF holds public meetings and since June 2004, all meeting materials and meeting minutes are posted and may be downloaded at no charge. Final guidance derived from EITF consensus positions is included in the FASB Accounting Standards Codification.