Accounting Standards Codification: Seven Tips for Attorneys


Corporate and securities attorneys involved in certain transactions - such as business acquisitions involving earn-out arrangements, or SEC registration statements - need to be assured that generally accepted accounting principles (GAAP) are being applied properly and that their clients are being protected from contractual provisions that could be disadvantageous to them. Last year, the Financial Accounting Standards Board (FASB) launched the Accounting Standards Codification (ASC), entirely superseding all prior GAAP standards.

The ASC project was the most extensive overhaul of GAAP in many years, and renders earlier guidance virtually useless as all referenced standards were withdrawn in July 2009. The following seven tips are being offered to attorneys who have yet to access ASC, as suggestions for easing the transition to, and effectively utilizing, this new system.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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