Article: Accounting Author Barry Jay Epstein Advises Rapid Deployment by CPA Firms of New GAAP Codification.

Accounting Expert Warns of Litigation Risk Resulting from Delayed Implementation

CHICAGO -- Accountants who fail to implement the new FASB Accounting Standards Codification[TM] (ASC) that went into effect on July 1, 2009 face increased litigation exposure, according to Dr. Barry Jay Epstein, CPA, lead author of the recently released accounting book titled, "Wiley GAAP Codification Enhanced."

"This is a sleeper issue that may not become fully apparent to some accounting firms until they are deep into their busy audit season in the first quarter of 2010," warns Epstein, a consulting and litigation partner with the Chicago-based accounting firm Russell ...

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