Question: The Codification project was recently completed. Briefly explain what the Codification project is about and any impacts that it will have on the accounting profession.

The Codification project was recently completed. Briefly explain what the Codification project is about and any impacts that it will have on the accounting profession. (i.e., what is the codification project? Why this was project necessary (what is its purpose)? Does the codification modify/change existing GAAP?

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