News

SEC staff issues interpretive guidance on the FASB Codification

News Brief
August 18, 2009

By Cydney Posner

In light of the new FASB Codification (see the posting on 6/26/09), the SEC has posted interpretive guidance advising that, concurrent with the effective date of the Codification, references in the SEC's rules and staff guidance to specific standards under U.S. GAAP should be understood to mean the corresponding reference in the Codification.

 The release notes that the FASB Codification includes a cross-reference finding tool to assist users in identifying where previous standards are located in the Codification. (Don't suppose they've actually tried to use the "tool"? "Assisting users" might be a bit of an exaggeration as applied to any accounting civilian.) On a longer-term basis, the staff also intends to update specific references to specific standards under U.S. GAAP in the SEC's rules and guidance. In addition, users should be aware that, while the FASB Codification includes references to some SEC rules and staff guidance, the Codification is not the authoritative source for that content.

This content is provided for general informational purposes only, and your access or use of the content does not create an attorney-client relationship between you or your organization and Cooley LLP, Cooley (UK) LLP, or any other affiliated practice or entity (collectively referred to as “Cooley”). By accessing this content, you agree that the information provided does not constitute legal or other professional advice. This content is not a substitute for obtaining legal advice from a qualified attorney licensed in your jurisdiction and you should not act or refrain from acting based on this content. This content may be changed without notice. It is not guaranteed to be complete, correct or up to date, and it may not reflect the most current legal developments. Prior results do not guarantee a similar outcome. Do not send any confidential information to Cooley, as we do not have any duty to keep any information you provide to us confidential. This content may be considered Attorney Advertising and is subject to our legal notices.