New GAAP to be Launched in July – What Does This Mean?

The Financial Accounting Standards Board has recently announced that it plans to release its codification of accounting standards in July of 2009.  The codification does not change Generally Accepted Accounting Principles (GAAP), rather it re-organizes, codifies, and simplifies the existing structure of guidance which had become a labyrinth of convoluted accounting literature.  The new codification [...]