Technical Corrections and Improvements
Last updated on April 22, 2016. 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 *)
Project ObjectiveThe objective of this project is to provide regular updates and improvements to the FASB Accounting Standards Codification® based on feedback received from stakeholders.
*Due Process DocumentsOn April 21, 2016, the FASB issued a proposed Accounting Standards Update, Technical Corrections and Improvements. The comment period ends on July 5, 2016.
This proposed Update does not include amendments to Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606). Proposed technical corrections to Update 2014-09 will be issued in a separate document. Please refer to the Current Technical Plan for the timing of that document.
- Download the proposed Accounting Standards Update, Technical Corrections and Improvements (April 21, 2016) *The Financial Accounting Standards Board has issued the following Accounting Standards Updates under the technical corrections and improvements project:
- Accounting Standards Update No. 2015-10, Technical Corrections and Improvements
- Accounting Standards Update No. 2014-06, Technical Corrections and Improvements Related to Glossary Terms
- Accounting Standards Update No. 2012-04 , Technical Corrections and Improvements
Decisions Reached at the Last MeetingSee meeting minutes below.
*Next StepsThe staff will review comment letters received from stakeholders and work to develop a draft of the final Update for discussion with the FASB in late Q3 or early Q4.
Board/Other Public Meeting DatesThe 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.
|January 20, 2016||Board Meeting—Redeliberations and permission to preballot|
|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 InformationStakeholders have generated feedback on minor corrections and clarifications using the Accounting Standards Codification Research System’s feedback mechanism since the Accounting Standards Codification’s establishment in September 2009. The Accounting Standards 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 Accounting Standards Codification. The FASB staff reviews feedback, aggregates items that meet the scope of the project with other submissions, and discusses recommended Accounting Standards 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 Accounting Standards 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 Accounting Standards Codification updates for technical corrections and clarifications and eliminate the need for periodic agenda requests. The staff expects stakeholders to continuously utilize the Accounting Standards 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 at public meetings.
Contact InformationRegenia Cafini
Dianora Aria De Marco
Postgraduate Technical Assistant