The document discusses the upcoming FASB Accounting Standards Codification, which will become the single authoritative source of U.S. GAAP on July 1, 2009. It aims to simplify research and reduce complexity by reorganizing thousands of accounting standards into a topically-organized online database. The Codification will integrate existing accounting literature, excluding redundant and non-authoritative content. It will provide the ability to access up-to-date standards online and submit feedback to the FASB.