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SANTA ANA EMPOWERMENT CORPORATION <br />Notes to the Financial Statements (Continued) <br />June 30, 2010 and 2009 <br />(i) Functional Allocation of Expenses <br />The costs of providing various programs and activities have been summarized on a functional basis in <br />the Statements of Activities. <br />6) Recent Accounting Pronouncements <br />The Financial Accounting Standards Board ("FASB") implemented the FASB Accounting Standards <br />Codification (the "Codification") effective July 1, 2009. The Codification has become the source of <br />authoritative Generally Accepted Accounting Principles ("GAAP") recognized by FASB to be applied <br />to nongovernmental entities. On the effective date of the Codification, the Codification superseded all <br />then existing accounting and reporting standards. All accounting literature not included in the <br />Codification has become non-authoritative. References to GAAP included in the FASB Codification <br />are noted as Accounting Standards Codification ("ASC"). <br />Following the effective date of the Codification, FASB will not release new standards in the form of <br />Statements, FASB Staff Positions, or Emerging Issues Task Force abstracts, but instead will issue <br />Accounting Standards Updates ("ASU"). ASUs will not be considered authoritative in their own right, <br />but will serve only to update the Codification, provide background information about the guidance in <br />the Codification, and provide the basis for the conclusions on the changes in the Codification. <br />19C-19