Back to Basics – How to work with FASB codification

Description

Abstract: As lenders review their borrowers’ 2010 and 2011 financial statements, they may notice references to Accounting Standards Codification (ASC) in the footnotes, instead of the familiar Statement of Financial Accounting Standards (SFAS) references. Many lenders are uncertain about what these new citations mean and why the Financial Accounting Standards Board (FASB) has rewritten its rules. This article explains how ASC affects commercial lenders today.