The Codification reorganizes the 1000’s of U.S. generally accepted accounting principles (GAAP) pronouncements into 90 accounting topics, and displays them all using a consistent structure. Pronouncements from multiple standard setters and related literature are covered. It is intended to reflect GAAP for non-governmental entities.

This new standard now helps to clarify the status of Plans by requiring employers to recognize critical information on the financial statements instead of only recording it in the footnotes.