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Fasb Codification System Orientation Paper Essay Preview: Fasb Codification System Orientation Paper Report this essay The FASB Codification System was created in 2009 to be “the official source of authoritative nongovernmental U.S. generally accepted accounting principles” (FASB, 2009.). The system reorganized the U.S. GAAP pronouncements issued by the FASB and other standard-setting bodies into about.