The Financial Accounting Foundation (FAF) has announced it will provide free, enhanced online access to the Accounting Standards Codification and the Governmental Accounting Research System (GARS) in an effort to make financial accounting standards even more widely accessible to stakeholders and the public.
The FAF has not yet determined the firm date for this change to online access to the accounting standards, but it is expected to occur this spring.
The Codification is the complete and official version of GAAP published by FASB and used by public companies, private companies, nonprofit organizations and employee benefit plans in the United States. GARS is the complete and official version of GAAP published by GASB and used by states, cities, and other governmental entities in the United States.
While free versions of both the Codification and GARS have been available online for years, the new system will provide enhanced features compared to the current free offering (known as basic view). These include enhancements to navigation, search, printing, copy/paste, and the ability to provide feedback.
As a result of this move, the professional view paid subscription service will be eliminated and users who previously accessed Professional View can instead use the enhanced free versions of the Codification and GARS. Current professional view subscribers will be transitioned off the current system. Pro-rated refunds will be issued for those subscribers whose paid terms extend beyond the cutover date.