The document discusses the upcoming FASB Accounting Standards Codification, which will become the single authoritative source of U.S. GAAP on July 1, 2009. It aims to simplify research and reduce complexity by reorganizing thousands of accounting standards into a topically-organized online database. The Codification will integrate existing accounting literature, excluding redundant and non-authoritative content. It will provide the ability to access up-to-date standards online and submit feedback to the FASB.

1. WHERE WILL YOU BE WHEN GAAP IS CODIFIED? This presentation has not been approved, disapproved, or otherwise acted upon by any senior technical committees of the AICPA, nor does it represent the views or an official position of the AICPA. This presentation is not intended as legal, accounting, or other professional advice and should not be relied upon as such. © 2009 The American Institute of Certified Public Accountants

3. What is the Codification?

10. Codification Content

17. Codification Structure

26. Features of the Codification

31. Topic Subtopics Sections Subsections Leases Scope Disclosure Scope Scope Disclosure Disclosure Capital Leases Operating Leases Overall Lessees Lessors Note: This is for illustration only and does not include all Topics, Subtopics, Sections, and Subsections. Lessees Lessors Codification Structure Example Lessees Lessees Lessors Lessors Lessors Lessors Lessees Lessees

32. How to Use the Codification

37. Ongoing Standard Setting Process

41. Transitional Matters

47. Summary and Questions