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FASB proposes technical corrections and improvements to the Codification

  • FASB (US Financial Accounting Standards Board) Image

Sep 16, 2014

The FASB has issued a proposed ASU, “Technical Corrections and Improvements,” which would make minor changes to the FASB Accounting Standards Codification.

The technical corrections are divided into four main categories:

  1. Amendments to align Codification wording with that in pre-Codification standards.
  2. Corrections to references and clarification of guidance to avoid misapplication and misinterpretation.
  3. Minor edits to simplify the Codification and thereby improve its usefulness.
  4. Minor enhancements to Codification guidance that are not expected to have a significant effect on current practice.

Comments on the proposed ASU are due by December 1, 2014.

For more information, see the proposed ASU 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.