FASB Issues ASU to Amend Certain SEC Paragraphs in the Codification

The FASB has issued Accounting Standards Update (ASU) 2023-03, which amends certain SEC paragraphs from the Codification in response to (1) the issuance of SEC Staff Accounting Bulletin (SAB) 120; (2) the SEC staff announcement at the March 24, 2022, EITF meeting; and (3) SAB Topic 6.B, “Accounting Series Release No. 280 — General Revision of Regulation S-X: Income or Loss Applicable to Common Stock.”