Project Update

Technical Corrections to FASB Statements and Other U.S. GAAP Literature

Last Updated: February 12, 2010 (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
*Due Process Documents
*Decisions Reached at the Last Meeting
*Summary of Decisions Reached to Date
*Next Steps
*Board/Other Public Meeting Dates
Background Information
Contact Information

Project Objective

The objective of this project is to improve the relevance, comparability, and transparency of the financial information that a reporting entity provides in its financial statements by addressing certain inconsistencies in U.S. generally accepted accounting principles (GAAP) literature, eliminating certain outdated guidance, and making technical corrections to an authoritative pronouncement if considered nonsubstantive in nature.

*Due Process Documents 

On February 2, 2010, the Board completed this project with issuance of Accounting Standards Update No. 2010-08,Technical Corrections to Various Topics.

Accounting Standards Update 2010-08 

*Decisions Reached at the Last Meeting (August 19, 2009)

See minutes below.

*Summary of Decisions Reached to Date (As of August 19, 2009)

See Accounting Standards Update 2010-08.

*Next Steps

None.

*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.

Below is a list of the FASB Board/Public meetings. Minutes for meetings generally are posted within two weeks following the meeting.

*August 19, 2009 Board Meeting—Discussion of public responses to Exposure Draft
January 21, 2009 Board Meeting—Discussion of Proposed Technical Corrections Statement
May 21, 2008 Agenda Decision

Background Information

On May 21, 2008, Board members discussed a request to add a project to the agenda to resolve certain technical issues that arose after the issuance of FASB Statements No. 141 (revised 2007), Business Combinations, and No. 160, Noncontrolling Interests in Consolidated Financial Statements. Following that discussion, the FASB Chairman decided to add a Technical Corrections project to the agenda.

The Chairman, recognizing the need to periodically review existing U.S. GAAP literature and make necessary changes, decided to expand the scope of the project to include technical corrections other than those that resulted from the issuance of Statements 141(R) and 160. The project team solicited feedback from other FASB staff members and certain constituents about other authoritative U.S. GAAP literature that needs to be updated or corrected. This is similar to FASB Statement No. 145, Rescission of FASB Statements No. 4, 44, and 64, Amendment of FASB Statement No. 13, and Technical Corrections, which amended existing authoritative pronouncements to make various technical corrections, clarify meanings, or describe their applicability under changed conditions. The current project was commissioned to address certain inconsistencies in the literature, to eliminate certain outdated guidance, and to make technical corrections to an authoritative pronouncement if considered nonsubstantive in nature.

Contact Information

Denise Moritz
Project Manager
demoritz@fasb.org

Bob Wilkins
Senior Project Manager
rcwilkins@fasb.org