The Financial Accounting Standards Board released a proposed Accounting Standards Update on Wednesday focused on targeted improvements to the FASB Accounting Standards Codification.
The proposed ASU is part of the board’s technical agenda project to make incremental improvements to U.S. GAAP.
“This evergreen project facilitates Codification updates for a broad range of Topics arising from technical corrections, unintended application of the Codification, clarifications, and other minor improvements. The resulting amendments are collectively referred to as Codification improvements,” the proposed ASU says.
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The amendments in the proposed ASU 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, FASB said.
Specifically, the proposed amendments address 21 disparate issues and would:
- Clarify existing guidance;
- Correct errors; or
- Make minor improvements.
“Collectively, these changes would make the Codification easier to understand and apply,” the proposed ASU says.
Stakeholders are asked to review and provide input on the proposed ASU by Nov. 19, 2026.
Photo credit: Financial Accounting Standards Board
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