US GAAP
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.
Updates
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.
eBooks
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.
Featured eBook
US GAAP 2020: Interpretation and Application of Generally Accepted Accounting Principles
Joanne M. Flood (2020)
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:
- ASC 205 Presentation of financial statements
- ASC 210 Balance sheet
- ASC 215 Statement of shareholder equity
- ASC 220 Income statement – Reporting comprehensive income
- ASC 230 Statement of cash flows
- ASC 235 Notes to financial statements
- ASC 605 Revenue recognition
- ASC 810 Consolidations
The publication also includes a comprehensive disclosure checklist for commercial businesses which follows the order of the codification.
Further eBooks
US GAAP 2021: Interpretation and application of Generally Accepted Accounting Principles
The most comprehensive guide to FASB Codifications, updated with the latest pronouncements Wiley GAAP 2021 is the essential resource for US GAAP implementation.
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.
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.
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.
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.
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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