Final answer:
The FASB's Codification does not create a new set of GAAP, but rather organizes existing principles into an authoritative structure for easier access and reference.
Step-by-step explanation:
The statement that 'The FASB's Codification creates a new set of GAAP' is false. The Financial Accounting Standards Board's (FASB) Codification is a system that organizes and standardizes accounting principles, known as Generally Accepted Accounting Principles (GAAP). By organizing all accounting rules and principles into a single, centralized source, the Codification makes it easier for accountants and financial professionals to find and apply the appropriate guidance. The Financial Accounting Standards Board (FASB) Codification was developed to provide a single, authoritative source for accounting standards. The Codification organizes the myriad of U.S. Generally Accepted Accounting Principles (GAAP) into a coherent structure but does not create a new set of GAAP. Its purpose is to simplify user access to all authoritative U.S. GAAP.