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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.

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. If you are unable to access an eBook, please see our Help and support advice or contact library@icaew.com.

US GAAP 2023: Interpretation and application of Generally Accepted Accounting Principles

Provides explanations, illustrations and examples of all current US generally accepted accounting principles.

Comparative international accounting

This book explores the conceptual and contextual foundations of IFRS, contrasting them with US GAAP. It also examines international differences in IFRS practices and the accounting differences that remain between countries such as China, France, Germany and Japan. Particular attention is paid to the key issues of political lobbying, harmonisation, and the special accounting problems of multinational companies.

Accounting for goodwill and other intangible assets

This title looks at the treatment of goodwill and other intangibles under IFRS and US GAAP and explains common practice in valuing these assets.

Revenue recognition: understanding and implementing the new standard

Provides an overview of the new revenue recognition standard and step-by-step instructions for finance professionals navigating through the new model, with numerous examples along the way.

Not for profit US GAAP 2017: Interpretation and application of generally accepted accounting principles.

Wiley Not-for-Profit US GAAP 2017 is the essential accounting resource for not-for-profit organizations, providing quick access to the most up-to-date standards and practical tools for implementation.

Guides and publications

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.


Comparing IFRS Accounting Standards and US GAAP: Bridging the Differences
Deloitte, August 2023
Overview of the key differences between US GAAP and IFRS. Chapters cover assets, liabilities, revenues and expenses, presentation, broad transactions, and significant adoption dates.

US GAAP versus IFRS: The basics
EY, February 2023
Guide giving an overview of the common differences between US GAAP and IFRS.

IFRS compared to US GAAP
KPMG, December 2022
Guide highlighting the key differences between IFRS and US GAAP focusing on recognition, measurement, and presentation.

IFRS and US GAAP: Similarities and differences
PwC, November 2022
Guide to the significant or most common differences between US GAAP and IFRS, with an assessment of the impact of differences.

Online articles

The Library provides access to leading business, finance and management journals. These journals are available to logged-in ICAEW members, ACA students and other entitled users subject to suppliers' terms of use. 

Accounting for cyrptocurrencies

Guidance on accounting for cryptocurrencies under US GAAP

Replacing LIBOR in Derivatives Contracts

The Financial Accounting Standards Board (FASB) has issued guidance to simplify the accounting for contract modifications that result from replacing London interbank offered rate (LIBOR) with a different reference rate.

The new lease accounting rules

The updated lease accounting standard IFRS 16 is likely to affect most small businesses that follow US GAAP or IFRS.

Revenue recognition: It's here. Now what?

While the idea of a principles-based approach to US standard setting is not new, ASC Topic 606 may be the most striking and significant example to date. This article considers the impact of the US FASB and IASB's converged revenue recognition standard, transition methods and what it will mean for certain industries.

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.

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.

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.
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 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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