FASB proposes several incremental improvements to GAAP

FASB is seeking feedback on a proposed Accounting Standards Update (ASU) that features a new batch of technical corrections to GAAP, including several proposed clarifications of note.

The “targeted improvements” to the FASB Accounting Standards Codification are part of an evergreen project focused on making minor corrections, but FASB also is calling attention to proposed clarifications related to estimates of expected credit losses, guidance for modified share-based payment awards, and several other topics.

Public comments on the ASU will be accepted through Nov. 19.

That’s also the deadline for commenting on another proposed ASU, one that aims to clarify how the current definition of cash equivalents applies to stablecoins and certain other digital assets.

— To comment on this article or to suggest an idea for another article, contact Bryan Strickland at Bryan.Strickland@aicpa-cima.com.