Apr 25, 2016
From the Financial Reporting Network
On April 21, the FASB issued a proposed ASU, Technical Corrections and Improvements, which proposes four types of amendments to the FASB Accounting Standards Codification® (1) differences between original guidance and the Codification, (2) clarifications of guidance and corrections of references, (3) simplification to improve usefulness and understandability, and (4) minor improvements. The proposed amendments include simplification and minor improvements to current guidance that would make significant editorial changes to the Codification but are not expected to affect current practice. The proposed amendments also include clarifying guidance or corrected references in the Codification that may affect current practice due to either misapplication or misunderstanding of current guidance.
Most of the proposed amendments would not require transition guidance, and would be effective on issuance of the final ASU. The comment period ends July 5.