Practitioners can work to ensure that implementation of ASC is as smooth as possible by training staff members, updating policy and procedures manuals to reflect that the firm references ASC and checking (and then double-checking) their accounting to catch any potential errors due to the depth and breadth of changes. While the transition to Codification requires legwork, reaching the goal of implementation is expected to be well worth it.
“Codification should simplify the process and make it easier for accountants in public practice to defend their position when they establish GAAP requirements for their clients,” Paschall says. “For the most part Codification made no significant changes in GAAP — it just changed the format and organization of the standards. It’s just a format change, but a good format change that I think will benefit the profession.”
Written by Laurie Dent
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