Proposed Codification improvements
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 a proposed Accounting Standards Update (ASU), Codification 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. In addition, the proposed ASU would remove references to various Concepts Statements. Further, the proposed ASU would improve the consistency of the Codification by including all disclosure guidance in the appropriate Disclosure Section (Section 50). The proposed ASU is available for comment until December 26, 2019.