Access to US accounting standards improved

Posted on February 3, 2023 by Editor

The US Financial Accounting Foundation (FAF) recently announced that the free viewer for the online version of its standards will be getting an upgrade to improve access for stakeholders.

The Accounting Standards Codification® provides the complete Generally Accepted Accounting Principle Standards (GAAP) published by the Financial Accounting Standards Board (FASB), and is generally used by companies. The Governmental Accounting Research System™ (GARS) is the complete GAAP published by Governmental Accounting Standards Board (GASB), and is generally used by government entities and states.

FAF will be cutting the paid subscription service and improving the free offering of the online GAAP repositories, including enhancements to navigation, search, printing, copy/paste, and the ability to provide feedback.

The change embodies a simple but positive step that should increase stakeholder access to useful and important resources and ease implementation of the GAAP across the US.

The date of the change is not yet confirmed but is expected in the next few months.

Read more here.

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