The Financial Accounting Standards Board will release codification of accounting standards on July 1. Once released, the codification will become the single official source of nongovernmental U.S. generally accepted accounting principles. "Preparers and auditors of financial statements need to familiarize themselves with the changes so that they are ready for the switch," FASB Chairman Robert Herz said. For a more detailed look at FASB's plan, see this Journal of Accountancy article.

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