GAAP Codification
The Financial Accounting Standards Board (FASB) has issued its “Accounting Standards Codification” (ASC) which includes all Statements on Financial Accounting Standards and Interpretations (SFAS’s and FIN’s), Emerging Issues Task Force (EITF) consensuses, Accounting Principles Board (APB) opinions, American Institute of Certified Public Accountants (AICPA) Statements of Position (SOP) and AICPA Audit Guides and other literature. The codification was formally issued July 1, 2009 and is effective for all periods ending after September 15, 2009.
Section 958 of the codification covers specific nonprofit matters. Other sections cover other topics relevant to nonprofits but 958 is solely related to specific nonprofit matters. See these charts that provide a cross walk between the previous guidance and the current ASC.
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