NYSSCPA Comments on FASB Technical Corrections and Improvements Proposal

By:
Chris Gaetano
Published Date:
Jun 23, 2016
nysscpa-logo-for-webThe NYSSCPA, in a comment letter released today, largely agreed with proposed changes from the Financial Accounting Standards Board aimed at importing certain standards int the Accounting Standards Codification with technical corrections and clarifications.

The proposal doesn't seem to make any major changes to accounting standards but, rather, takes literature such as FASB Statements and Emerging Issues Task Force Issues and changes the wording and format so they can be formally incorporated into the Accounting Standards Codification. While there are many proposed amendments, they can be fit into one of four different categories: 

1) Amendments relating to differences between current guidance and the Accounting Standards Codification; 
2) Guidance clarifications and reference corrections; 
3) Simplification taking the form of things like "minor structural changes to headings or minor editing of text to improve usefulness and understanding;" and 
4) Minor improvements not expected to have a significant impact on current accounting practice. 

The proposal is part of what the FASB calls a "'perpetual project" that is meant to facilitate Accounting Standards Codification updates for technical corrections, clarifications and minor improvements without having to go through periodic agenda requests for narrow and incremental items. 

The Society, in its comment letter, agreed with the proposal. It said it did not expect any of the proposed amendments to result in substantive changes to the application of existing guidance, and could not think of any other changes related to the proposed standard, either directly or indirectly. It also felt there didn't need to be any special considerations for nonpublic companies in this proposal. 

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