FASB Releases ASU to Remove Various Concepts Statement References From Codification
April 2, 2024
The FASB has released ASU 2024-02, which removes various references to concepts
statements from the FASB Accounting Standards Codification. The ASU indicates
that the goal of the amendments is to simplify the Codification and distinguish between
nonauthoritative and authoritative guidance (since, unlike the Codification, the
concepts statements are nonauthoritative).