The U.S. GAAP Financial Accounting Standards Board (FASB) Codification™ is fully effective for all entities. The Codification is effective for financial statements issued for interim and annual periods ending after September 15, 2009. The Codification has created an entirely new topically organized system for all accountants to learn. Learn more about Codification at: http://ugaap.com/blog/?p=234#comments

1. ARE YOU READY FOR THE NEW FASB CODIFICATION? This presentation has not been approved, disapproved, or otherwise acted upon by any senior technical committees of the AICPA, nor does it represent the views or an official position of the AICPA. This presentation is not intended as legal, accounting, or other professional advice and should not be relied upon as such. © 2009 The American Institute of Certified Public Accountants

3. What is the Codification?

10. The Codification Timeline and What it Means for You

17. Codification Content

25. Codification Structure

35. Topic Subtopics Sections Subsections Leases Scope Disclosure Scope Scope Disclosure Disclosure Capital Leases Operating Leases Overall Lessees Lessors Note: This is for illustration only and does not include all Topics, Subtopics, Sections, and Subsections. Lessees Lessors Codification Structure Example Lessees Lessees Lessors Lessors Lessors Lessors Lessees Lessees

36. A Look at the Codification

38. A Look at the Cross Reference Tool

44. Ongoing Standard Setting Process

48. Transitional Matters

52. Summary and Questions