FASB Proposes Amendments to Codification Guidance
The Financial Accounting Standards Board (“FASB”) has proposed several changes that would correct errors or offer slight improvements to its Accounting Standards Codification (Codification). Issued as a Proposed Accounting Standards Update, Technical Corrections and Improvements, the planned changes would simplify the Codification and make it easier to apply by removing inconsistencies and clarifying guidance. Generally, the proposed amendments fall under one of the following categories:
- Amendments related to differences between original guidance and the Codification;
- Guidance clarification and reference corrections;
- Simplification; or
- Minor improvements.
Comments on the proposal are due Tuesday, July 5th. Check out the Accounting Web for more on the proposed changes to the Codification.