We are pleased to share with you the following MFA Financial Reporting Alert concerning the FASB Accounting Standards Codification™.

FASB Accounting Standards Codification™
On June 3, 2009, the Financial Accounting Standards Board (“FASB”) voted to approve the FASB Accounting Standards Codification as the single source of authoritative nongovernmental U.S. Generally Accepted Accounting Principles (GAAP).  Scheduled to officially launch on July 1, 2009, the Codification will be effective for interim and annual periods ending after September 15, 2009, which means preparers must begin to use the Codification for periods that begin on or about July 1, 2009.  All existing accounting standard documents are superseded.  All other accounting literature not included in the Codification will be considered nonauthoritative. Read more >>

MFA Web Seminar - June 24, 2009
The new Codification structure will take some getting used to and will require action on the part of preparers and auditors of financial reports.  As such, we encourage you to join MFA on Wednesday afternoon, June 24th, to jump-start the process of preparing for the transition to the new Codification. 

During this one-hour web seminar, we will discuss the purpose, meaning and structure of the Codification; highlight some of its key benefits; and explain how to use the Codification.  You will walk away from this web seminar with a very good understanding of what you need to do now in order to be prepared when the Codification becomes effective.

Below you will find details of this web seminar including a link to register for the event.  CPE credits are available for this web seminar. Details on obtaining credits will be provided during the web seminar.

Sincerely,

The Partners at MFA