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FASB Makes Technical Corrections to Accounting Guidance

Amendments to key parts of U.S. GAAP were announced this week by the Financial Accounting Standards Board (“FASB”). Issued as Accounting Standards Update (“ASU”) No. 2016-19, Technical Corrections and Improvements, the amendments relate to several topics in the FASB Accounting Standards Codification. FASB Chairman Russell Golden says the changes are narrow in scope and should be easy for reporting entities to understand and implement. The following amendments in ASU No. 2016-19 impact all reporting entities: Subtopic 715-30, Compensation—Retirement Benefits—Defined Benefit Plans—Pension, and Subtopic 715-60, Compensation—Retirement Benefits—Defined Benefit Plans—Other Postretirement, and Topic 944, Financial Services—Insurance. ASU No. 2016-19 advises uniform use. Read More.

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