Bruce Pounder, CFO.com | US
April 16, 2010

comment

I am impressed by the analysis given in the essay on how the codification weakens internal control. It's true it has made the traditional accounting knowledge and skills, policies, policy disclosures, and principle changes obsolete. There is the need to focus on new ways and means of accomplishing accounting tasks, mitigating the impacts of the codification on our accounting policies, disclosures, and error detection, and bring it up to the potential development.

Posted by Andu Workneh | May 3, 2010 7:43 AM ET

Free Access to Codification Content

In response to John's "Another Weakness" comment: You can get free access to all Codification content by registering for the free "Basic View" at http://asc.fasb.org. You get more features, but not more content, if you pay for the "Professional View." The FASB also continues to provide free access to pre-Codification standards in their entirety.

Posted by Bruce Pounder | Apr 22, 2010 11:54 PM ET

Another Weakness

Another weakness is that prior to the Codification you could access all standards etc. via the FASB's website, for free. Now, they provide you with very little excerpts. Explain how that makes sense, because the FASB is funded entirely by Public companies. So, why do they need to charge to view the standards? Just a thought...

Posted by John Schmidlin | Apr 20, 2010 12:02 PM ET