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Subject Topic: Accounting standard codification (Topic Closed Topic Closed) Post ReplyPost New Topic
  
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Shingi
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Posted: 26 Feb 2010 at 15:23 | IP Logged  

So, my understanding is that this codification summarises all the authoritative standards, what do they mean by non-govermental in  "single source of authoritative nongovernmental US GAAP"


Oh okay.. i got it, its applicable to non govermental entities.
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nstruman
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Posted: 01 Mar 2010 at 00:37 | IP Logged  

It is my understanding that the codification will be on the next testing window (apr/may 2010).  If this is the case, should we even bother studying the hierarchy? 
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Zeratul
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Posted: 01 Mar 2010 at 07:37 | IP Logged  

Your understanding is incorrect. The codification will not be on the CPA until 2011.
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ael719
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Posted: 01 Mar 2010 at 14:48 | IP Logged  

Zeratul wrote:
Your understanding is incorrect. The codification will not be on the CPA until 2011.


Where did you find this information?

I thought it was testable starting January 2010, but the exam typically tests new pronouncements lightly so you shouldn't add EXTRA emphasis to reviewing new pronouncements. (Study them with the same amount of effort you apply to previous pronouncements)
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Zeratul
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Posted: 01 Mar 2010 at 19:45 | IP Logged  

http://www.journalofaccountancy.com/Web/20092194.htm

Quote:

The improvements, designated CBT-e for Computer-Based Testing evolution, will be launched Jan. 1, 2011, simultaneously with exam content updates that include, for the first time, testing on International Financial Reporting Standards (IFRS). IFRS material is part of the new Content and Skill Specification Outlines (CSOs/SSOs) for the CPA Examination. Also to be introduced on the examination Jan. 1, 2011, is a new research task format and a new release of authoritative literature—the FASB Accounting Standards Codification. Examination candidates will begin seeing preparation materials reflecting the new authoritative literature release and research task format when sample tests and a new tutorial are released in the fall of 2010.


Ba-ba boom!

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