Dec 08, 2014
From the Financial Reporting Network
KPMG LLP recently commented on the proposed FASB ASU, Technical Corrections and Improvements, which would amend several topics within the FASB Accounting Standards Codification® for technical corrections, clarifications, and improvements. The proposed amendments generally relate to:
- Resolving differences between original guidance and the Codification;
- Clarifying guidance and correcting references;
- Streamlining or simplifying the Codification through minor structural changes to headings or minor edits to text; and
- Improving guidance without creating a significant effect on accounting practice or a significant administrative cost to most entities.
While KPMG generally agrees with the proposed amendments, the firm believes that the Board should further clarify certain aspects of the proposal.