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The article discusses the Financial Accounting Standards Board's Accounting Standards Codification introduced in the U.S. in 2009. The codification was introduced to address a variety of accounting issues from off-balance sheet financing to options backdating. The article offers information on the generally accepted accounting principles hierarchy. It provides details of codification organizational structure.

The author discusses the codification of the economic substance doctrine in the U.S. He mentions section 7701(o), which has preserved the flexibility of the common law doctrine. Section 6662(b)(6) imposes a 20-percent penalty if tax benefits are prohibited because a transaction lacks economic substance. The author notes that the liability provision may prove to serve as a constraint on when the Internal Revenue Service raises the doctrine.

Focuses on the efforts of the U.S. Internal Revenue Service (IRS) to fight against abusive tax shelters. Plans of Congress to codify the common-law economic substance doctrine; Description of abusive shelters according to IRS; Details of the use of litigation by IRS. INSET: KITS TO CATCH COME-ONS.

In this article, the author talks about the codification by the U.S. Congress of the economic substance doctrine in March 2010. He discusses the economic position of the taxpayer, the non-federal income tax purpose of the taxpayer, and the relationship of such codification with business transactions and activities engaged in the production of income. He also offers information on an Angel List of transactions that the U.S. government may issue.

The article reports that the Illinois Supreme Court has adopted the state's first codified rules of evidence called the Illinois Rules of Evidence. It informs that these rules of evidence are the efforts of the Special Supreme Court Committee on Illinois Evidence. It tells that these rules will not change the existing law. It further states that the rules have been adopted by the court for collecting and codifying the existing case law and other authorities into one comprehensive code.