At its October 4, 2023, meeting, the FASB redeliberated and discussed comment-letter
feedback on Section A of its proposed Accounting Standards Update (ASU)
Codification Improvements, which is intended to simplify the Codification
by removing references to FASB Concepts Statements (which are nonauthoritative). In
addition to making tentative decisions about the effective date and transition
related to the amendments, the Board concluded that the benefits of this guidance
would outweigh its costs. The Board has directed the staff to draft a final ASU on
this topic for a vote by written ballot.
At this meeting, the FASB also ratified the consensus-for-exposure the EITF reached
at its September 14, 2023, meeting on Issue No. 23-A, “Induced Conversions of
Convertible Debt Instruments.” The Board has directed its staff to draft a proposed
ASU based on this EITF Issue for a vote by written ballot.
For more information, see the tentative Board decisions on the FASB’s Web
site. Also see Deloitte’s September 2023 EITF
Snapshot for further details on the EITF’s
consensus-for-exposure on Issue 23-A.