FASB Proposes Technical Corrections to Codification Master Glossary
Today, the FASB issued a proposed ASU1 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) the addition of links, (3) the 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 finalized. The 90-day period to comment on the proposal ends August 5, 2013.
[1] FASB Proposed Accounting Standards Update, Technical Corrections and Improvements Related to Glossary Terms.
