United States

FASB makes technical corrections to Codification

FINANCIAL REPORTING INSIGHTS  | 

Periodically, the Financial Accounting Standards Board (FASB) updates the Accounting Standards Codification for minor technical corrections and clarifications that are deemed necessary. Recently, the FASB issued Accounting Standards Update (ASU) 2015-10, Technical Corrections and Improvements, which made changes to clarify the Codification, correct unintended application of guidance and make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice.

Transition guidance varies based on the amendments in the ASU. The amendments in the ASU that require transition guidance are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. All other amendments were effective upon the issuance of the ASU on June 12, 2015.