An International Meeting of the American Accounting Association American Accounting Association 2006 Annual Meeting August 6–9, 2006 Washington, D.C.

Ruth Ann McEwen
Suffolk University

Tom Hoey
Consultant FASB

John A. Brozovsky
Virginia Polytechnic

Abstract: US GAAP currently is classified by levels (A through D) and organized by standards, interpretations and related guidance, and not by topic. At the completion of the codification project, classification of GAAP as Levels A through D will no longer exist; instead, GAAP will consist of only two levels, authoritative and non-authoritative literature, and pronouncements will amend the codification. The codified literature will integrate and synthesize existing GAAP by topic using a standard structure, and the codification process will ensure that all existing standards are included with minimal modification. This paper explains the codification process, provides the current list of topics, examines the standard presentation structure, and presents the estimated timing for the project’s completion.

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