FASB Accounting Standards Codification

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FASB Accounting Standards Codification
Date: Thursday, December 03, 2009
Time: 11:00 AM ET / 10:00 AM CT / 09:00 AM MT / 08:00 AM PT [Prevailing Time]
Presenter(s): Thomas Hoey, Director of the FASB Codification and XBRL Projects - Thomas Hoey & Associations, LLC
Objective: At the end of the presentation, the participant will be:
•informed of the effective dates of the FASB Accounting Standards Codification
•made aware of presentation considerations for referencing standards in disclosures, footnotes, work papers, letters, etc.
•able to consider updating your deliverables to include more "plain English" wording rather than using specific reference to standards
Field of Study: Accounting - Financial Statements and Reports
Program Level: Intermediate
CPE Credit: 1 Credit Hour

No advanced preparation or prerequisites are required for this course.

Course Description
After five years in the making, the FASB approved the FASB Accounting Standards Codification as the single source of authoritative GAAP as of July 1, 2009. The Codification is effective for annual or interim periods ending after September 15, 2009.

At that time, the FASB superseded all legacy accounting standards. The FASB developed the Codification as a result of a significant amount of user feedback for easier to use, topically-organized standards.

The Codification introduces an entirely new structure and numbering approach. This session will provide you with an introduction and walkthrough of the Codification structure, an update on timing, an overview of the approach to new standards, and related items to consider when preparing and auditing financial statements.

Presenter Bio(s)
Thomas Hoey, Director of the FASB Codification and XBRL Projects

Since completing the Codification architecture and design phase in September 2004, Thomas Hoey & Associates, LLC has been directing the FASB Codification and XBRL Projects. The Codification project involved two major components - the creation of the codification content and the development of the related research system.

Until 2002, Mr. Hoey was a partner with Arthur Andersen LLP and was responsible for directing Arthur Andersen’s global accounting research platform and its related external product, Accounting Research Manager.

Prior to directing the development of Arthur Andersen’s research platform, Mr. Hoey addressed technical accounting matters as a member of the firm’s national office and was previously a member of the firm’s audit practice. In 2002, Mr. Hoey helped coordinate the sale of the Accounting Research Manager business and technology to CCH and joined CCH as Managing Director of the Accounting Research Manager product line through early 2004.

Mr. Hoey attended Northern Illinois University and received an undergraduate degree in accounting and computer science and a masters degree in computer science. Mr. Hoey is a CPA and a member of the AICPA.

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