By subscribing to FASQ, you can go one step beyond WG&L's renowned accounting and financial reporting analysis and go directly into FASB’s Accounting Standards Codification™, and also access a complete library of prior statements, standards, and other supporting material.

The FASB Accounting Standards Codification™ (FASB ASC) is a complete reorganization of all of the separate GAAP standards into one topically structured body of authoritative guidance. FASB ASC is the sole source of authoritative U.S. accounting and reporting standards for all nongovernmental entities, superseding all existing non-SEC accounting and reporting standards. The FASB ASC did not materially change any existing principles, but it will require financial professionals to familiarize themselves with the new organization and numbering system of the new codified standards.

FASB Codification and Related Materials on Checkpoint contains:

• Notice to Constituents – FASB’s official guide to the Codification, it provides users with an understanding of the goals, history, content, structure, and the updating process for the codification, and identifies the Codification as the single source of authoritative GAAP.
• Codification – the codified standards.
• Prior Code - Codification as it existed before it was amended.
• Master Glossary – contains al glossary terms (and the definitions) found in the Codification.
• Codification Updates - New or amended Codification. Codification Updates are stand alone documents that contain an explanation of the changes being made plus the text of the changes to the Codification.
• Exposure Drafts - Proposed amendments to the Codification consisting of new content or amendments to the existing content. These also contain background and basis for conclusions in addition to the text of proposed changes to the Codification.

In addition to the current codified standards, it contains a wide range of prior FASB material, to enable users to cross-reference between the Codification and the prior standards and other related material, including:

Original Pronouncements

• Accounting Research Bulletins
• Accounting Principles Board Opinions
• AICPA Accounting Interpretations
• Accounting Principles Board Statements
• Accounting Terminology Bulletins
• FASB Statements
• FASB Technical Bulletins
• Statements of Financial Accounting Concepts

Current Text

• General Standards
• Industry Standards
• Appendix A: Schedule of AICPA Practice Bulletins, Audit and Accounting Guides, and Statements of Position (SOPs)
• Appendix E: Current Text Sections That Are Superseded by Pronouncements with Delayed Effective Dates

Emerging Issues Task Force Material

• Recent EITF Abstracts
• Appendices A through D plus Topical Table of Contents

Staff Implementation Guides

Derivative Instruments and Hedging Activities

Exposure Drafts (proposed FASB activity)
Provides robust features and functionality to speed users’ research, including:

• Navigational Tools:
• Join Sections
• Combine Sections
• Search Templates:
• Search FASB Codification by Topic Title and Keywords
• Search FASB Codification by Any Combination of Topic, Subtopic, and/or Section and Keyword
• Cross-Referencing:
• Cross-reference table of Codification and Original Standards
• Resulting table has live paragraph level links in both Original Standards and FASB ASC sides of the table
• Linking:
• TLL/SLL linking from Original Standards to FASB ASC
• TLL/SLL linking from FASB ASC to Original Standards
• Leverages Checkpoint with links to/from:
• Referenced source material (e.g., text of SEC regs)
• WG&L analysis