NEWS RELEASE 10/14/11
FASB Seeks Comments on Proposed Technical Corrections to CodificationNorwalk, CT, October 14, 2011—The Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update that would make certain technical corrections to the FASB Accounting Standards Codification®. Stakeholders are encouraged to review and comment on the proposed changes by December 13, 2011.
Periodically, the FASB updates the Codification for technical corrections and clarifications that are deemed necessary. The amendments included in this proposed Update cover a wide range of Topics and are generally nonsubstantive in nature. Many of the proposed amendments update terminology to conform with Topic 820 (Fair Value Measurement). The Board does not anticipate that the amendments in this proposed Update would result in pervasive changes to current practice.
The effective date of these amendments will be determined after the Board considers the feedback on the amendments in this proposed Update.
The proposed Update is available at www.fasb.org.
About the Financial Accounting Standards Board
Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information. For more information about the FASB, visit our website at www.fasb.org.