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FASB issues technical corrections and improvements to Codification Glossary

  • FASB (US Financial Accounting Standards Board) Image

Mar 17, 2014

On March 14, 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-06, “Technical Corrections and Improvements Related to Glossary Terms,” which amends the FASB Accounting Standards Codification Master Glossary.

The technical corrections are divided into four main categories:

  1. Deletions — removal of terms that were carried over from superseded literature but are not used in the Codification.
  2. Additions — addition of links from terms in the Codification to appropriate areas of the Master Glossary.
  3. Duplications — elimination of duplicate terms.
  4. Other — miscellaneous changes to terms.

The amendments are effective upon issuance of the ASU.

For more information, see the related Deloitte Accounting Journal entry and ASU 2014-06 on the FASB’s Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.