FASB proposes changes aimed at improving codification

December 2, 2019

By Ken Tysiac

The Financial Accounting Standards Board has proposed numerous minor changes as part of an annual effort to clarify and correct unintended application of the Accounting Standards Codification.


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

This year, the proposed changes include:

  • Amendments that would remove references to various Concepts Statements. In most instances, the references are extraneous and not required to understand or apply the accounting guidance.
  • Amendments that would include all disclosure guidance in the appropriate Disclosure Section of the codification.
  • More than two dozen changes that mostly are intended to clarify, conform, or simplify existing guidance.

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

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