In short, Codification is designed to make the accounting profession more transparent and more streamlined. As with any paradigm shift, education is key. While the FASB offers training, the best way to learn is to listen to the professionals. “In order to quickly become accustomed to the new Codification standards and how they will impact your business, consider taking one of the Thomson Reuters classes,” Paschall says. These courses include:

Decoding the FASB Codification (The basics of ASC, including history, implementation and how ASC interfaces with IFRS)

FASB Codification and Free Checkpoint Training (Webinar that explains how Codification affects technical research)

A New Approach to Accounting Research: Understanding the FASB Codification (Audio Conference that explains how Codification affects technical research)