On January 22nd, the Financial Accounting Standards Board (FASB) released for public review and comment a proposed Accounting Standards Update (ASU), focused on improvements to the FASB Accounting Standards Codification. The proposed ASU is issued as part of the FASB’s technical agenda project to make gradual enhancements to the GAAP taxonomy.
Proposed in this ASU on codification improvements are amendments that would affect a wide variety of Topics in the Codification and would apply to all reporting entities within the scope of the affected accounting guidance. The proposed ASU addresses 34 issues, including those related to Removing the Master Glossary Term “Amortized Cost” (Issue 1 in the proposed ASU) and Clarifying the following issues:
- Calculation of Earnings per Share When a Loss from Continuing Operations Exists (Issue 4)
- Calculation of the Reference Amount for Beneficial Interests (Issue 6)
- Guidance for the Transfer of Receivables from Contracts with Customers (Issue 20)
- Accounting for Certain Receivables by Not-for-Profit Entities (Issue 25).
Stakeholders may review and submit feedback on the proposed ASU through April 22, 2025. Please visit www.fasb.org for instruction on how to provide comments.
Source:
FASB Seeks Public Comment on Proposed Codification Improvements (fasb.org)
