FASB performs maintenance on Accounting Standards Codification

By Ken Tysiac

FASB made the first of several scheduled maintenance updates to its Accounting Standards Codification on Tuesday as part of an effort to simplify the codification’s structure.

No guidance will change as a result of these updates, but the structure of the content of some topics will be changed, with the goal of simplifying them.

In the update processed Tuesday, the structure of Topic 952, Franchisors, was simplified.

FASB’s Technical Corrections and Improvements project team will make several changes to the structure of the content of the codification over the next several months.

The changes are being made to simplify topics in which substantial amounts of guidance were superseded.

FASB plans to remove the intersecting topic structure from some of the industry topics, with the goal of creating a more efficient and user-friendly structure for the topics.

Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is a JofA editorial director.

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