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U.S. GAAP has evolved into a hodgepodge of diverse components, including FASB standards, interpretations and staff positions; Accounting Principles Board opinions; accounting research bulletins; FASB technical bulletins; AICPA Statements of Position; and AICPA industry audit and accounting guides. Some of these sources are considered more authoritative than others, and navigating GAAP's complex waters is challenging, error-prone, and can take years to learn. FASB is looking to improve the situation by reorganizing the content. The result is a single source of U.S. GAAP. Starting in April 2009, this will be the only authoritative source of U.S. GAAP, and will replace the "House of GAAP" that one is familiar with.
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