United States

FASB proposes technical corrections to Codification


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 a proposed Accounting Standards Update (ASU), Technical Corrections and Improvements, which, if finalized, would make 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. The proposed ASU is available for comment until July 5, 2016.