Will the New FASB Code Change Accounting?

One unknown until yesterday was pricing for use of the codification. The basic version will be free, FASB announced. But the "professional view" version, which includes features like advanced text searching and a cross-referencing function, will cost $850 per "single concurrent user," meaning that only one person could use it at a time at that price.

Going forward, new rules will come in the form of "codification updates," which will include the text to be replaced in order to highlight the changes. "Being able to see the legacy text, and compare and contrast it, will be fantastic," says Tomlinson.

Looking farther into the future, standards-setters also see this codification as an important step towards convergence with international standards. "There's a high correlation between the topics in [U.S. GAAP] codification and international standards," notes Guerrette. "The ability to compare the two is going to be much more straightforward than it ever has been in the past."

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