Dec 19, 2016
From the Financial Reporting View
The FASB recently issued ASU No. 2016-19, Technical Corrections and Improvements, which amends a number of Topics in the FASB Accounting Standards Codification®. The ASU is part of an ongoing FASB project to facilitate Codification updates for non-substantive technical corrections, clarifications, and improvements that are not expected to have a significant effect on accounting practice or create a significant administrative cost to most entities. The ASU will apply to all reporting entities within the scope of the affected accounting guidance.
The amendments that require transition guidance are effective for all entities for annual and interim reporting periods beginning after December 15, 2016. Early adoption is permitted for the amendments that require transition guidance. All other amendments were effective on issuance.