FASB proposes various minor changes to codification

By Ken Tysiac

FASB issued a proposed Accounting Standards Update on Tuesday that would make changes designed to clarify, correct errors in, or make minor improvements to the board’s Accounting Standards Codification.

Nine potential amendments are contained in the proposal, which would affect a wide variety of topics in the codification. The proposal addresses clarifications and guidance that are not expected to have a significant effect on current accounting practices or create a significant administrative cost to most entities.

The proposed amendments affect:

  • Subtopic 220-10, Comprehensive Income—Overall.
  • Subtopic 470-50, Debt—Modifications and Extinguishments.
  • Subtopic 480-10, Distinguishing Liabilities From Equity—Overall.
  • Subtopic 718-740, Compensation—Stock Compensation—Income Taxes.
  • Subtopic 805-740, Business Combinations—Income Taxes.
  • Subtopic 815-10, Derivatives and Hedging—Overall.
  • Subtopic 820-10, Fair Value Measurement—Overall.
  • Subtopic 940-405, Financial Services—Brokers and Dealers—Liabilities.
  • Subtopic 962-325, Plan Accounting—Defined Contribution Pension Plans—Investments—Other.

Comments on the proposal can be submitted through Dec. 4 at FASB’s website.

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

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