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The Accounting Standards Codification (ASC) is developed and maintained by the FASB. The ASC is the only source of authoritative GAAP in the US (other than SEC issued rules and regulations that only apply to SEC registrants).

Some features on this page link to licensed products and are only available to logged-in members and students.

Access to articles is provided subject to publishers' terms of use.

US GAAP in full text

The Financial Accounting Standards Board (FASB) provides free online access to the Accounting Standards Codification and is the only authoritative source for US GAAP. You will need to register or subscribe to gain access.

A four volume printed set of the Accounting Standards Codification is also available to consult in the library collection.


The FASB issues periodic Accounting Standards Updates to notify users of changes to the FASB Codification and when these will come into effect. The updates are available in PDF format in an archive arranged by year.

A separate quick reference table of effective dates for updates issued has also been provided by the FASB.


The Library provides full text access to a selection of key business and reference eBooks from leading publishers. eBooks are available to logged-in ICAEW members, ACA students and other entitled users. If you are unable to access an eBook, please see our Help and support advice or contact library@icaew.com.

Featured eBook

US GAAP 2017 - Interpretation and Application of Generally Accepted Accounting Principles
Joanne M. Flood (2016)
A practical and long established guide to US GAAP which provides user-friendly guidance on every topic in the Accounting Standards Codification, illustrated with over 300 real-world examples and illustrations. This includes coverage of:

  • Presentation of financial statements
  • Balance sheet
  • Statement of shareholder equity
  • Comprehensive income
  • Income statement
  • Statement of cash flows
  • Notes to financial statements
  • Revenue recognition
  • Consolidation

The publication also includes a comprehensive disclosure checklist for commercial businesses which follows the order of the codification.

Further eBooks

Accounting for goodwill and other intangible assets

This title looks at the treatment of goodwill and other intangibles under IFRS and US GAAP and explains common practice in valuing these assets.

Comparative international accounting

This book explores differences between International Financial Reporting Standards (IFRS) and US generally accepted accounting principles (US GAAP), as well as differences in accounting practices between countries such as China, France, Germany and Japan.

Not for profit US GAAP 2017: Interpretation and application of generally accepted accounting principles.

Wiley Not-for-Profit US GAAP 2017 is the essential accounting resource for not-for-profit organizations, providing quick access to the most up-to-date standards and practical tools for implementation.

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Guides and publications

Accounting guides (PWC)
A series of publications from PWC offering in-depth accounting guidance on significant topics in US GAAP. The series includes a comprehensive guide on Financial statement presentation which provides a detailed description of the financial statement presentation and disclosure requirements of common balance sheet and income statement accounts.

US GAAP Plus (Deloitte)
A comprehensive source of news and updates on US GAAP from Deloitte, including publications related to US GAAP, an overview of the topics in the Accounting Standards Codification and their monthly Accounting Roundup newsletter.

FASB reference library
The FASB reference library includes a wide range of material on the work of the FASB, including FASB Outlook, a quarterly e-newsletter designed to keep stakeholders informed about key FASB projects and activities.


A comparison of IFRS standards and US GAAP: Bridging the differences
Detailed guide published by Deloitte in February 2019. Chapters discuss common differences between US GAAP and IFRS regading treatment of assets, liabilities, revenues and expenses, presentation, and broard transactions. The guide also includes an appendix giving significant adoption dates.

IFRS and US GAAP: Similarities and differences
Guide aimed at companies and investors highlighting major differences between IFRS and US GAAP and forthcoming changes on the IASB and FASB standard setting agenda. Published by PwC in September 2018.

US GAAP versus IFRS: The basics
Guide produced by EY giving an overview of the common differences between US GAAP and IFRS. Updated in October 2016.

IFRS compared to US GAAP
Guide published by KPMG in December 2015. 

IFRS, US GAAP and Mexican FRS: similarities and differences
Summary published by PwC in 2009.

Principi Contabili Internazionali: Analogie e Differenze: IFRS, US GAAP e Principi Italiani
Guide published by PwC in 2008 to similarities and differences between IFRS, US GAAP and Italian accounting standards. This publication is only available in Italian.

Online articles

The Library provides access to leading business, finance and management journals. These journals are available to logged-in ICAEW members, ACA students and other entitled users subject to suppliers' terms of use.

Selected articles

The new lease accounting rules

The updated lease accounting standard IFRS 16 is likely to affect most small businesses that follow US GAAP or IFRS.

Revenue recognition: It's here. Now what?

While the idea of a principles-based approach to US standard setting is not new, ASC Topic 606 may be the most striking and significant example to date. This article considers the impact of the US FASB and IASB's converged revenue recognition standard, transition methods and what it will mean for certain industries.

Recognizing software revenue

The article focuses on revenue recognition for software under the Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, issued by FASB in conjunction with the IASB in May 2014. The article looks at the treatment in US GAAP under the current rules and compares this with the new rules.

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Articles and books in the Library collection

Selected titles

Accounting Standards Codification (ASC)
A four volume set of the FASB Codification published by the Financial Accounting Standards Board. The 2015-16 edition contains all of the material published in the Accounting Standards Codification as of 31 October 2015 and is intended to be used as a reference tool alongside the online codification.
View the full catalogue record

GAAP guide : restatement and analysis of current FASB standards, and other current FASB, EITF, and AICPA announcements
The GAAP Guide from Wolters Klower presents analysis of US GAAP arranged to match the structure of the Accounting Standards Codification. The Library holds the latest edition and previous editions back to 1979.
View the full catalogue record

Revenue Recognition Guide
Guide from Wolters Klower which is designed to help users determine when and how to recognise revenue under US GAAP. The Library holds the latest edition and past editions from 2005 and 2009.
View the full catalogue record

Further articles and books

To find out how you can borrow books from the Library please see our guide to book loans. You can obtain copies of articles or extracts of books and reports by post, fax or email through our document supply service.

Legacy standards

The FASB Accounting Standards Codification was launched in July 2009 and it superseded all pre-existing non-Securities and Exchange Commission (SEC) accounting standards. See our pages on the legacy standards for information on the material we hold:

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