Q. How do I cite standards using the new FASB Accounting Standards Codification?

• FASB: Referencing the Codification
  [Source: FASB Accounting Standards Codification Notice to Constituents (v 1.05) January 16, 2009, p. 22]
  
  "For purposes of establishing a consistent referencing approach for items such as working papers, articles, textbooks, and other similar items, the FASB suggests the following approach for referencing Codification content from outside of the Codification:

a. FASB ASC {Codification reference, for example:

i. Topics — FASB ASC 310 to access the Receivables Topic
ii. Subtopics — FASB ASC 310-10 to access the Overall Subtopic of Topic 310
iii. Sections — FASB ASC 310-10-15 to access the Scope Section of Subtopic 310-10
iv. Paragraph — FASB ASC 310-10-15-2 to access paragraph 2 of Section 310-10-15"

Note: "For clarity, companies may wish to include the title of the cited Codification section. "FASB ASC Topic 310" would appear as "FASB ASC Topic 310, Receivables and "FASB ASC Section 310-10-15" would appear as "FASB ASC paragraph 310-10-15, Receivables - Overall - Scope." To assist readers in the transition to the Codification, companies may present both the Codification citation and former reference. If companies use this presentation, citations to the former reference should follow the Codification reference in parentheses. For example, "FASB ASC paragraph 310-10-15, ReceivablesOverall- Scope(SFAS 131)." "
[Source: "The Codification of GAAP: Be Careful What You Wish For," by John J. Huber. Latham & Watkins Client Alert, No. 848 October 28,2009. Accessed on 4/15/2010 (TAX DAY!)]

Additional References

• AICPA: FASB Accounting Standards Codification
  This summary includes guidance on "Referencing FASB ASC" in company documents, policy and procedures working papers, and financial statements.
• "FASB Codification to Be Sole Reference Source dor Authoritative Gap."
  KPMG Defining Issues July 2009, No. 09-30
• FASB Accounting Standards Codification Quick Reference Guide and Financial Instruments Supplement
  PriceWaterhouseCoopers
• "A Guide to Using the Accounting Standards Codification."
  By Michael C. Toerner
  The CPA Journal, Vol. 79, Issue 2, p.20-25, 6p.
  The article presents information on the use of accounting standards codification in the U.S. It explores the creation of the generally accepted accounting principles (GAAP)hierarchy by the Statement on Auditing Standards (SAS) 69. It notes the need for accountants to know that they had thoroughly reviewed the accounting literature was partially met when the Financial Accounting Standards Board (FASB) began annually publishing "Current Text: Accounting Standards."
  Note: See page 23 for example citation