The FASB current text is a topical integration of currently effective accounting and reporting standards. Material is drawn from FASB Statements of Financial Accounting Standards and FASB Interpretations, AICPA Accounting Research Bulletins and APB Opinions. Volume I (General Standards) contain those standards that are generally applicable to all enterprises. Volume II (Industry Standards) contain specialized standards that are applicable to not-for-profit organizations and enterprises operating in specific industries. Each year these manuals are updated to reflect changes in standards.
* Material not contained in the standards section of an original pronouncement is included where necessary to help the reader understand or implement the current text
* Integrates financial accounting and reporting standards according to the major subject area to which they apply and contains a source reference to the Original Pronouncements