"Could Codification Weaken Internal Controls? Maybe. And here's what you can do to mitigate the effect on your accounting policies, disclosures, and error detection.
On July 1, 2009, the Financial Accounting Standards Board formally adopted its Accounting Standards CodificationTM (ASC) as the source of authoritative generally accepted accounting principles for nongovernmental entities in the United States. The codification profoundly changed the way U.S. GAAP is documented, updated, referenced, and accessed."
He also gives the following list (with explanations in the article):
Five Areas to Focus On:
-
Accounting policies;
- Accounting policy disclosures;
- Accounting principle changes;
- Error detection and correction; and
- Competencies.
