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FASB makes technical corrections to the Codification

  • FASB document Image

Dec 14, 2016

The FASB has issued Accounting Standards Update (ASU) No. 2016-19, “Technical Corrections and Improvements,” which makes minor changes to certain aspects of the FASB Accounting Standards Codification.

The types of changes made by the ASU can be categorized as follows:

  • Changes to resolve differences between current and pre-Codification guidance (e.g., FASB Statements, EITF Issues).
  • Updates to wording and references to avoid misapplication.
  • Textual simplifications to increase the Codification’s utility and understandability.
  • Minor amendments to guidance that “are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities.”

Most changes are effective upon issuance of the ASU; certain changes, however, are effective for interim and annual reporting periods beginning after December 15, 2016.

For more information, see the press release and 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.