Locating U.S. and International Accounting Standards


In 2009, the Financial Accounting Standards Board (FASB) released the FASB Accounting Standards Codification which became the current single authoritative source of  U.S. GAAP.  This revised codification organizes the earlier released standards generated from differing standard setting bodies (i.e., a “standards based” model) into a single source for research organized around 90 topics (i.e., a “topical based” model).   Faculty and students have access to the Codification through the Professional View research system, a joint initiative between the Financial Accounting Foundation (FAF) and the American Accounting Association (AAA).  Accounting Departments have been given user names and passwords to distribute to students to provide easy web access to the system.  An explanation of why the standards were reorganized, how the new system was developed and how it can be searched effectively is provided in the document Notice to Constituents (vol. 4.1) About the Codification.  Searching the Professional View is easy using the browse menu where users can start searching by clicking on one of 9 broad topics (general principles, presentation, assets, liabilities, equity, revenue, expenses, broad transactions, and industry).  The research system also has links to Pre-codification Standards, Exposure Drafts, and Accounting Standards Updates.  The top menu contains a Cross Reference tab for users researching a topic using both the old and new standards, and an Advanced Search tab for users researching specific topics.

Students searching for international accounting standards released by the International Accounting Standards Board (IASB) can now access these standards using the web based eIFRS system.  A user name and password is needed to access the system (students should ask their accounting professor or a reference librarian for password access). Easy browsing of the standards is available through the IFRSs link on the left menu.  The system is multi-lingual; select the English link to view the latest standards or to access the Advanced Search feature which allows users to search text within a specfic standard.  A link to Additional Materials provides access to Exposure Drafts, Discussion Papers, IASB Updates and Educational Material, including A Guide Through IFRS as of 1 July 2009.

A reference librarian will be glad to assist with accessing or using the Professional View  and/or eIFRS systems.