On July 1, 2009, FASB's Accounting Standards Codification became the single source of US GAAP for non-governmental entities. GASB's Accounting Standards Codification is applicable for governmental entities. FASB did not change GAAP, but restructured the existing standards and hence provides a cohesive set of standards. FASB's codification includes all GAAP and relevant literature of SEC. FASB issues Accounting Standards Updates to update the codifications.
