FASB proposes technical corrections to Codification master glossary
06 May 2013
The US Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (ASU), 'Technical Corrections and Improvements Related to Glossary Terms', that would make certain minor modifications and clarifications to the Master Glossary in the FASB Accounting Standards Codification (the “Codification”).
Proposed changes to Master Glossary terms affect several Codification topics but are primarily related to plan accounting for pensions and other employee benefits and include (1) deletions, (2) addition of links, (3) removal of duplicate terms, and (4) other technical corrections.
There will be no transition guidance because the changes are deemed nonsubstantive; thus, the changes are effective when the proposal is finalised. The 90-day period to comment on the proposal ends 5 August 2013.
The proposed ASU is available on the FASB website.
