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FASB proposes technical corrections and improvements to the Codification

  • FASB document Image

Apr 21, 2016

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 July 5, 2016.

For more in­for­ma­tion, see the pro­posed ASU on the FASB’s Web site.

Correction list for hyphenation

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