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Deloitte comments on FASB's proposed Codification improvements

Published on: Dec 05, 2017

Deloitte & Touche LLP comments on the FASB's Proposed ASU "Codification Improvements," which was issued in October 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 minor changes that do not significantly affect current practice seems the most practical and efficient way to resolve these types of minor technical issues related to the Codification.

We generally agree with, and support finalizing, the proposed Codification improvements. Appendix A contains our responses to the proposed ASU’s questions for respondents and notes our concerns about certain Codification improvements as well as suggestions for strengthening them. Appendix B identifies additional Codification improvements that we believe the Board should deliberate and expose for public comment as part of its ongoing Codification improvements project.

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

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