NEWS RELEASE 10/14/11
FASB Seeks Comments on Proposed Technical Corrections to
Codification
Norwalk, CT, October 14, 2011—The Financial
Accounting Standards Board (FASB) today issued a proposed Accounting Standards
Update that would make certain technical corrections to the FASB Accounting
Standards Codification®. Stakeholders are encouraged to review and comment
on the proposed changes by December 13, 2011.
Periodically, the FASB
updates the Codification for technical corrections and clarifications that are
deemed necessary. The amendments included in this proposed Update cover a wide
range of Topics and are generally nonsubstantive in nature. Many of the proposed
amendments update terminology to conform with Topic 820 (Fair Value
Measurement). The Board does not anticipate that the amendments in this proposed
Update would result in pervasive changes to current practice.
The
effective date of these amendments will be determined after the Board considers
the feedback on the amendments in this proposed Update.
The proposed
Update is available at www.fasb.org.
About
the Financial Accounting Standards Board
Since 1973, the
Financial Accounting Standards Board has been the designated organization in the
private sector for establishing standards of financial accounting and reporting.
Those standards govern the preparation of financial reports and are officially
recognized as authoritative by the Securities and Exchange Commission and the
American Institute of Certified Public Accountants. Such standards are essential
to the efficient functioning of the economy because investors, creditors,
auditors, and others rely on credible, transparent, and comparable financial
information. For more information about the FASB, visit our website at www.fasb.org.