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The Accounting Standards Codification (ASC) is developed and maintained by the FASB. The ASC is the only source of authoritative GAAP in the US (other than SEC issued rules and regulations that only apply to SEC registrants).

Some features on this page link to licensed products and are only available to logged-in members and students.

Access to articles is provided subject to publishers' terms of use.

US GAAP in full text

The Financial Accounting Standards Board (FASB) provides free online access to the Accounting Standards Codification and is the only authoritative source for US GAAP. You will need to register or subscribe to gain access.

A four volume printed set of the Accounting Standards Codification is also available to consult in the library collection.


The FASB issues periodic Accounting Standards Updates to notify users of changes to the FASB Codification and when these will come into effect. The updates are available in PDF format in an archive arranged by year.

A separate quick reference table of effective dates for updates issued has also been provided by the FASB.


The Library provides full text access to a selection of key business and reference eBooks from leading publishers. eBooks are available to logged-in ICAEW members, ACA students and other entitled users.

Featured eBook

US GAAP 2016 - Interpretation and Application of Generally Accepted Accounting Principles
Joanne M. Flood (2015)
A practical and long established guide to US GAAP which provides user-friendly guidance on every topic in the Accounting Standards Codification, illustrated with over 300 real-world examples and illustrations. This includes coverage of:

  • Presentation of financial statements
  • Balance sheet
  • Statement of shareholder equity
  • Comprehensive income
  • Income statement
  • Statement of cash flows
  • Notes to financial statements

The 2016 edition also reflects the new FASB guidance on:

  • Revenue recognition
  • Consolidation

The publication also includes a comprehensive disclosure checklist for commercial businesses which follows the order of the codification.

Further eBooks

Ultimate accountants' reference: including GAAP, IRS and SEC regulations, leases, and more, The

An everyday reference manual for accountants on US GAAP, IRS regulations, and new SEC regulations

Guides and publications

Accounting guides (PWC)
A series of publications from PWC offering in-depth accounting guidance on significant topics in US GAAP. The series includes a comprehensive guide on Financial statement presentation which provides a detailed description of the financial statement presentation and disclosure requirements of common balance sheet and income statement accounts.

US GAAP Plus (Deloitte)
A comprehensive source of news and updates on US GAAP from Deloitte, including publications related to US GAAP, an overview of the topics in the Accounting Standards Codification and their monthly Accounting Roundup newsletter.

FASB reference library
The FASB reference library includes a wide range of material on the work of the FASB, including FASB Outlook, a quarterly e-newsletter designed to keep stakeholders informed about key FASB projects and activities.

Online articles

The library provides access to a range of articles in full text from leading business, finance and management journals. Access to articles is provided to logged-in ICAEW members, ACA students and other entitled users subject to suppliers' terms of use.

Selected articles

Recognizing software revenue

The article focuses on revenue recognition for software under the Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, issued by FASB in conjunction with the IASB in May 2014. The article looks at the treatment in US GAAP under the current rules and compares this with the new rules.

Changes to going concern disclosures

The new accounting standard from FASB specifically requires management to evaluate going concern and make disclosures in the notes to the financial statements when appropriate. The auditor will, in turn, audit management’s disclosures.

The going concern gap in US GAAP

Recent events, such as the fiscal crisis of 2007–2008 and the economic recession that followed, have prompted concerns about whether investors have received sufficient notice of impending corporate bankruptcy. The FASB’s issuance of ASU 2014-15 fills that significant gap in US GAAP.

Articles and books in the Library collection

Selected titles

Accounting Standards Codification (ASC)
A four volume set of the FASB Codification published by the Financial Accounting Standards Board. The 2015-16 edition contains all of the material published in the Accounting Standards Codification as of 31 October 2015 and is intended to be used as a reference tool alongside the online codification.
View the full catalogue record

GAAP guide : restatement and analysis of current FASB standards, and other current FASB, EITF, and AICPA announcements
The GAAP Guide from Wolters Klower presents analysis of US GAAP arranged to match the structure of the Accounting Standards Codification. The Library holds the latest edition and previous editions back to 1979.
View the full catalogue record

Revenue Recognition Guide
Guide from Wolters Klower which is designed to help users determine when and how to recognise revenue under US GAAP. The Library holds the latest edition and past editions from 2005 and 2009.
View the full catalogue record

Further articles and books

To find out how you can borrow books from the Library please see our guide to book loans. You can obtain copies of articles or extracts of books and reports by post, fax or email through our document supply service.

Legacy standards

The FASB Accounting Standards Codification was launched in July 2009 and it superseded all pre-existing non-Securities and Exchange Commission (SEC) accounting standards. See our pages on the legacy standards for information on the material we hold:

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