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Codification improvements

The objective of this project is to provide regular updates and improvements to the FASB Accounting Standards Codification (the Codification) that are based on feedback received from constituents.


Meeting minutes

FASB discussions regarding this project are found in the following meeting minutes:

  • May 8, 2019 — The Board discussed proposed codification improvements to hedge accounting.
  • February 27, 2019 — The Board discussed feedback related to proposed ASU on financial instruments.
  • February 13, 2019 — The Board discussed issues related to proposed ASU on Codification improvements to leases.
  • January 23, 2019 — The Board discussed feedback received, scope, and transition related to proposed ASU on credit losses.
  • December 19, 2018 — The Board discussed extending the comment letter period relating to the Exposure Draft addressing financial instruments.
  • October 24, 2018 — The Board discussed feedback on its proposed ASU on improvements to credit losses.
  • September 5, 2018 — The Board met to discuss potential amendments to the Codification related to three recently-issued ASUs.
  • April 11, 2018 — The Board discussed proposed improvements to the Codification.
  • November 1, 2017 — The Board discussed the elimination of Topic 995.
  • August 30, 2017 — The Board discussed proposed improvements to the Codification.
  • May 3, 2017 — The Board discussed issues relating to the development of two proposed ASUs addressing proposed improvements to simplify the content and structure of Topic 995, U.S. Steamship Entities, and Subtopic 942-740, Financial Services — Depository and Lending — Income Taxes.
  • November 16, 2016 — The Board discussed issues relating to the development of a proposed ASU.
  • October 19, 2016 — The Board discussed issues during the development of a final ASU.
  • January 20, 2016 — The Board discussed its proposed technical corrections.
  • April 7, 2015 — The FASB made several decisions related to feedback received on its September 2014 proposed Accounting Standards Update (ASU) and decided to issue a final ASU.
  • July 30, 2014 — The Board discussed various proposed technical corrections.
  • November 13, 2013 — The Board discussed the issuance of a final ASU (issued March 14, 2014).
  • November 14, 2012 — The Board discussed the scope of the amendments to the Codification for technical corrections, including Master Glossary amendments, benefit plan illustrative guidance amendments, and other amendments. The Board decided to issue a separate exposure draft for amendments related to Master Glossary items.


Current status

The Board directed its staff to draft a final ASU for vote by written ballot.


Project milestones

Date Development Comments
November 10, 2010 Added to the FASB's agenda.
May 6, 2013 Proposed ASU, Technical Corrections and Improvements Related to Glossary Terms. Comment deadline August 5, 2013.
March 14, 2014 Accounting Standards Update No. 2014-06, Technical Corrections and Improvements Related to Glossary Terms.
September 15, 2014 Proposed ASU, Technical Corrections and Improvements. Comment deadline December 1, 2014.
April 21, 2016 Proposed ASU, Technical Corrections and Improvements. Comment deadline July 5, 2016.
December 14, 2016 Accounting Standards Update No. 2016-19, Technical Corrections and Improvements. Most changes are effective upon issuance; certain changes are effective for interim and annual reporting periods beginning after December 15, 2016.
December 5, 2017

Accounting Standards Update No. 2017-15, Codification Improvements to Topic 995, U.S. Steamship Entities — Elimination of Topic 995.

Effective December 15, 2018.


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.