FASB proposes changes aimed at improving codification

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FASB proposes changes aimed at improving codification

FASB proposed numerous changes Tuesday as part of its annual project to address minor problems with its Accounting Standards Codification.

Each year, FASB makes changes to clarify the codification or correct unintended application of guidance. The changes are not expected to have a significant effect on current accounting practice or create a significant administrative cost for most organizations that use U.S. GAAP to prepare their financial statements.

This year, the proposed changes include:

Comments can be made by Dec. 26 at FASB’s website.

Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA‘s editorial director.

Research & References of FASB proposes changes aimed at improving codification|A&C Accounting And Tax Services
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FASB proposes changes aimed at improving codification

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