It also includes relevant U.S. Securities and Exchange Commission (SEC) guidance that follows the same topical structure in separate sections in the Codification.
[1] The Codification did not change GAAP, but it introduced a new structure, organized in an easily accessible, user-friendly online research system.
The FASB expected the system to reduce the amount of time and effort required to research accounting issues, mitigate the risk of noncompliance with standards through improved usability of the literature, provide accurate information with real-time updates as new standards are released, and assist the FASB with the research efforts required during the standard-setting process.
"[2] The codification was made to make accounting standards easier to find through a single database.
The old U.S. GAAP were difficult to interpret, and the complexity of the standards made it hard for users to stay up to date.