FASB Discusses Codification Improvements

At its September 18, 2024, meeting, the FASB discussed its project on Codification improvements (i.e., clarifications, corrections, and other minor updates) and made a number of tentative decisions. With respect to its proposed amendments to ASC 260 on earnings per share, the Board decided that entities should apply them retrospectively in the period of adoption. All of the other proposed amendments could be applied either prospectively or retrospectively.

The Board also decided that the benefits of the proposed amendments would outweigh their costs and has directed the staff to draft a proposed Accounting Standards Update for a vote by written ballot.

For more information, see the tentative Board decisions on the FASB’s Web site.