PROJECT UPDATE

Technical Corrections and Improvements

Last updated on June 28, 2017.  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 *)

The staff has prepared this summary of Board decisions for information purposes only. Those Board decisions are tentative and do not change current accounting. Official positions of the FASB are determined only after extensive due process and deliberations.

Project Objective and Background
*Due Process Documents
Decisions Reached at Last Meeting
*Next Steps
Board/Other Public Meeting Dates
Contact Information

Project Objective and Background

The objective of this project is to provide regular updates and improvements to the FASB Accounting Standards Codification® based on feedback received from stakeholders.

Stakeholders have generated feedback on minor corrections and clarifications using the Accounting Standards Codification Research System’s feedback mechanism since the Accounting Standards Codification’s establishment in September 2009. The Accounting Standards 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 Accounting Standards Codification. The FASB staff reviews feedback, aggregates items that meet the scope of the project with other submissions, and discusses recommended Accounting Standards 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 Accounting Standards 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 Accounting Standards Codification updates for technical corrections and clarifications and eliminate the need for periodic agenda requests. The staff expects stakeholders to continuously utilize the Accounting Standards 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 at public meetings.

*Due Process Documents

On June 27, 2017, the Board issued two proposed Accounting Standards Updates, Technical Corrections and Improvements to Topic 995, U.S. Steamship Entities: Elimination of Topic 995 and Technical Corrections and Improvements to Topic 942, Financial Services—Depository and Lending—Income Taxes: Elimination of Certain Guidance for Bad Deb Reserves of Savings and Loans.
On April 21, 2016, the Board issued a proposed Accounting Standards Update, Technical Corrections and Improvements. The comment period ended on July 5, 2016. The proposed Update does not include amendments to Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606).
On December 14, 2016, the Board issued Accounting Standards Update No. 2016-19, Technical Corrections and Improvements. The Board has also issued the following Accounting Standards Updates under the technical corrections and improvements project:

Decisions Reached at the Last Meeting (MAY 3, 2017)

At the May 3, 2017 Board meeting, the Board discussed proposed improvements to simplify the structure and content of two industry topics; that is, Topic 995, U.S. Steamship Entities and Subtopic 942-740, Financial Services—Depository and Lending—Income Taxes. Removing guidance that is no longer needed would simplify the Codification and improve its overall usefulness.

*Next Steps

The Board will consider feedback on the two proposed Accounting Standards on proposed improvements to Topic 995 and Subtopic 942-740 at a future meeting.

In addition, the staff is drafting the next round of technical corrections and improvements to be presented to the Board during initial deliberations in the third quarter of 2017.

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.

May 3, 2017 Board Meeting—Initial deliberations on improvements to Topic 995 and Subtopic 942-740)
October 19, 2016 Board Meeting—Comment letter feedback and discussion
January 20, 2016 Board Meeting—Redeliberations and permission to preballot
April 7, 2015 Board Meeting—Redeliberations and permission to ballot
July 30, 2014 Board Meeting—Initial deliberations for the next round of technical corrections and improvements
November 13, 2013 Board Meeting—Comment letter feedback and redeliberations
November 14, 2012 Board Meeting—Scope and Master Glossary amendment deliberations

Contact Information

Regenia Cafini
Project Manager
rdcafini@fasb.org

Aishat Akinwale
Postgraduate Technical Assistant
aakinwale@fasb.org