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Deloitte comments on FASB's proposed technical corrections and improvements to ASU 2016-01

Published on: Nov 13, 2017

Deloitte & Touche LLP comments on the FASB's Proposed ASU Technical Corrections and Improvements to Recently Issued Standards . . . Accounting Standards Update No. 2016-01, Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which was issued in September 2017.

An excerpt from the comment letter is shown below:

We support the Board’s commitment to a standing project on technical corrections, clarifications, and minor improvements to the FASB Accounting Standards Codification (the “Codification”). Limiting this project to changes that clarify and improve the provisions of ASU 2016-01 seems the most practical and efficient way to resolve technical issues related to the ASU’s implementation.

Although we generally agree with, and support finalizing, the proposed technical corrections, we have significant concerns with respect to the proposed amendments to ASC 321-10-35-2 as detailed in our response to Question 1. The appendix contains our responses to the proposed ASU’s questions for respondents. In our responses, we note our concerns and the need for clarification about certain technical corrections. 

For more information, see the full text of the comment letter which is available below.

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