FASB issues minor codification changes

By Ken Tysiac

FASB issued a new standard Thursday that is designed to provide incremental improvements to its Accounting Standards Codification.

Accounting Standards Update No. 2020-10, Codification Improvements, describes the changes. The standard is part of a standing FASB project designed to address minor improvements to GAAP that are deemed necessary by the board.

The project makes it possible to update the codification for technical corrections such as conforming amendments, clarifications to guidance, simplifications to wording or structure of guidance, and other minor changes.

The standard advises financial statement preparers to review the ASU in its entirety to identify any changes that may affect their accounting.

Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA’s editorial director.

Where to find June’s flipbook issue

The Journal of Accountancy is now completely digital. 

 

 

 

SPONSORED REPORT

Better decision-making with data analytics

Data analytics has become a hot topic, but many organizations have not yet managed to understand its potential, let alone put it to work. This report will take a deep-dive on how to best introduce or enhance the use of data in decision-making.