Technical Corrections and Improvements
Last updated on December 11, 2013. Please refer to the Current Technical Plan for information about the expected release dates of exposure documents and final standards.
(Updated sections are indicated with an asterisk *)
*Due Process Documents
On May 6, 2013, the Financial Accounting Standards Board issued proposed Accounting Standards Update, Technical Corrections and Improvements Related to Glossary Terms. The comment period ended on August 5, 2013.
- Download the Proposed Accounting Standards Update
- Read the comment letters on the proposed Accounting Standards Update
- Read the comment letter summary of the proposed Accounting Standards Update
Constituents have generated feedback regarding minor corrections and clarifications using the Codification Research System’s feedback mechanism since the Codification’s establishment in September 2009. The Codification’s Notice to Constituents describes the procedure for feedback submissions, which includes the staff analyzing and processing the submissions and including any changes in an Accounting Standards Update.
On November 10, 2010, the acting FASB chairman added a standing project to the FASB’s agenda to address feedback received from stakeholders on the Codification. The FASB staff will review feedback, aggregate items that meet the scope of the project with other submissions, and discuss recommended Codification amendments with the FASB at one or more public meetings. The FASB will periodically issue a proposed Accounting Standards Update to seek public comment on any proposed amendments. The Board decided to limit the types of issues that it will consider through this project to minor changes to clarify the Codification or correct unintended consequences that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities.
This perpetual project will facilitate Codification updates for technical corrections and clarifications and eliminate the need for periodic agenda requests. The staff expects constituents to continuously utilize the Codification Research System’s feedback mechanism to provide feedback suggestions. As feedback is received, the staff will assess the merit of each submission. Useful feedback within the scope of this project will be included in a proposed Accounting Standard Update for the Board and discussed in a public meeting.
*Decisions Reached at the Last Meeting (November 13, 2013)
The Board discussed a summary of comments received on the proposed Accounting Standards Update and changes to the proposed Update that address those comments. The Board decided to issue a final Update that reflects those changes.
The Board decided to retain certain glossary terms related to pensions to avoid potential changes in existing accounting practice. The Board also decided to exclude from the scope of the upcoming final standard any proposed changes to the duplicate fair value terms for shared-based payments and the definition of fair value that originated within FASB Statement No. 157, Fair Value Measurements. The staff will undertake additional research on the duplicate fair value terms and present its findings to the Board at a future meeting, as part of the ongoing Technical Corrections project.
The Board decided that no transition guidance is necessary because the amendments would not result in substantive changes to the application of current U.S. GAAP. The Board also decided that the amendments should be effective as of the date of issuance in the first quarter of 2014.
The Board directed the staff to draft a final Accounting Standards Update for vote by written ballot.
The Board completed redeliberations and the staff will begin drafting a final Accounting Standards Update. Please see the Current Technical Plan for more information about the project timeline.
*Board/Other Public Meeting Dates
The Board meeting minutes are provided for the information and convenience of constituents who want to follow the Board’s deliberations. All of the conclusions reported are tentative and may be changed at future Board meetings. Decisions become final only after a formal written ballot to issue a final standard.
|*November 13, 2013||Board Meeting—Comment Letter Feedback and Redeliberations|
|November 14, 2012||Board Meeting—Scope and Master Glossary Amendment Deliberations|