FASB makes technical corrections to Codification Master Glossary

Published on: 27 Mar 2014

The FASB recently issued ASU 2014-06,1 which makes certain technical corrections (i.e., minor improvements and clarifications) to the FASB Accounting Standards Codification (the “Codification”) Master Glossary. Although the amendments apply to a number of Codification topics, many affect the guidance on pensions and other postretirement benefit obligations.

The amendments include the following:

  • Deletion of Master Glossary terms that were carried over from superseded literature (e.g., FASB Statements, EITF Issues) but are not used in the Codification.
  • Addition to the Master Glossary of links that were not carried forward to the Codification.
  • Elimination of duplicate Master Glossary terms.
  • Miscellaneous changes to Master Glossary terms.

The ASU is effective upon issuance for public and private entities. Since the amendments are not expected to significantly affect an entity’s current application of U.S. GAAP, the ASU does not contain transition requirements.


1 FASB Accounting Standards Update No. 2014-06, Technical Corrections and Improvements Related to Glossary Terms.

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