The Financial Accounting Foundation (FAF) on Monday released its free, enhanced online access to the Accounting Standards Codification (ASC) and the Governmental Accounting Research System (GARS), which was announced to stakeholders last month.
The ASC is the complete, official version of GAAP published by FASB and used by public companies, private companies, not-for-profit organizations, and employee benefit plans in the United States. GARS is the complete and official version of GAAP published by GASB and used by states, cities, and other governmental entities.
While versions of both have been available online for years, the new system provides enhanced features compared to the former free offering. These include enhancements to navigation, search, printing, and copy/paste.
With the change, the former "Professional View" paid subscription service has been eliminated, according to FAF. Current Professional View subscribers have been transitioned off the system, and prorated refunds will be issued for those subscribers whose paid terms extend beyond Monday's cutover date.
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