Financial Accounting Foundation Announces Changes to Online Access to Accounting Standards
The Financial Accounting Foundation (FAF) recently announced it will provide free, enhanced online access to the Accounting Standards Codification® and the Governmental Accounting Research System™ in an effort to make financial accounting standards more widely accessible to stakeholders and the public.
The Accounting Standards Codification® (the Codification) is the complete and official version of Generally Accepted Accounting Standards (GAAP) published by the Financial Accounting Standards Board (FASB). The Governmental Accounting Research System™ (GARS) is the complete and official version of GAAP published by the Governmental Accounting Standards Board (GASB).
The FAF stated that while free versions of the Codification and GARS have been available online for years, the new system will provide enhanced features compared to the current free offering (known as Basic View). These include enhancements to navigation, search, printing, copy/paste and the ability to provide feedback.
As a result of this move, the Professional View paid subscription service will be eliminated, and users who previously accessed Professional View can use the enhanced free versions of the Codification and GARS. Current Professional View subscribers will be transitioned off the current system. Pro-rated refunds will be issued for those subscribers whose paid terms extend beyond the cutover date.
The FAF has not yet determined the date for the change, but it is expected to occur this spring. For more information, see the FAF news release on the announcement.