Published: October 14, 2011
FASB Seeks Comments on Proposed Technical Corrections to Codification
NORWALK, Conn. - (BUSINESS WIRE) - 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.
The Financial Accounting Standards Board
Christine Klimek,
203-956-3459
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