PROJECT UPDATE

Technical Corrections and Improvements

Last updated on June 12, 2015.  Please refer to the Current Technical Plan for information about the expected release dates of exposure documents and final standards.

(Updated sections are indicated with an asterisk *)

The staff has prepared this summary of Board decisions for information purposes only. Those Board decisions are tentative and do not change current accounting. Official positions of the FASB are determined only after extensive due process and deliberations.

Project Objective
*Due Process Documents
Decisions Reached at Last Meeting
*Next Steps
*Board/Other Public Meeting Dates
Background Information
*Contact Information

Project Objective

The objective of this project is to provide regular updates and improvements to the FASB Accounting Standards Codification™ (Codification) based on feedback received from constituents.

*Due Process Documents

 On June 12, 2015, the FASB issued Accounting Standards Update No. 2015-10, Technical Corrections and Improvements. Transition guidance for these amendments vary based on the correction made to the Codification.

The Financial Accounting Standards Board has issued the following Accounting Standards Updates under the Technical Corrections and Improvements Project:

Decisions Reached at the Last Meeting

See meeting minutes below.

*Next Steps

The staff will work to develop the next Exposure Draft of additional technical corrections and improvements. This Exposure Draft will include amendments to ASU 2014-09, Revenue from Contracts with Customers.

*Board/Other Public Meeting Dates

The Board meeting minutes are provided for the information and convenience of constituents who want to follow the Board’s deliberations. All of the conclusions reported are tentative and may be changed at future Board meetings. Decisions become final only after a formal written ballot to issue a final standard.

*April 7, 2015 Board Meeting—Redeliberations and Permission to Ballot
July 30, 2014 Board Meeting—Initial deliberations for the next round of technical corrections and improvements
November 13, 2013 Board Meeting—Comment Letter Feedback and Redeliberations
November 14, 2012 Board Meeting—Scope and Master Glossary Amendment Deliberations

Background Information

Constituents have generated feedback regarding minor corrections and clarifications using the Codification Research System’s feedback mechanism since the Codification’s establishment in September 2009. The Codification’s Notice to Constituents describes the procedure for feedback submissions, which includes the staff analyzing and processing the submissions and including any changes in an Accounting Standards Update.

On November 10, 2010, the acting FASB chairman added a standing project to the FASB’s agenda to address feedback received from stakeholders on the Codification. The FASB staff will review feedback, aggregate items that meet the scope of the project with other submissions, and discuss recommended Codification amendments with the FASB at one or more public meetings. The FASB will periodically issue a proposed Accounting Standards Update to seek public comment on any proposed amendments. The Board decided to limit the types of issues that it will consider through this project to minor changes to clarify the Codification or correct unintended consequences that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities.

This perpetual project will facilitate Codification updates for technical corrections and clarifications and eliminate the need for periodic agenda requests. The staff expects constituents to continuously utilize the Codification Research System’s feedback mechanism to provide feedback suggestions. As feedback is received, the staff will assess the merit of each submission. Useful feedback within the scope of this project will be included in a proposed Accounting Standard Update for the Board and discussed in a public meeting.

*Contact Information

Regenia Cafini
Project Manager
rdcafini@fasb.org

Chris Brown
Postgraduate Technical Assistant
cjbrown@fasb.org