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FASB makes technical corrections to the Codification

  • FASB document Image

Jun 15, 2015

The FASB has issued Accounting Standards Update (ASU) No. 2015-10, “Technical Corrections and Improvements,” which makes minor amendments to the FASB Accounting Standards Codification.

The technical corrections are divided into four main categories:

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

The amendments to transition guidance are effective for fiscal years beginning after December 15, 2015; all other changes are effective upon issuance of this ASU. For more information, see the 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.