FASB recently published a proposed accounting standards update (ASU) to improve its accounting standards codification.
In a news release, FASB encouraged stakeholders to review the entire ASU but highlighted a few of the issues it addresses:
- Removing the Master Glossary Term "Amortized Cost" (Issue 1)
- Clarifying the Calculation of Earnings per Share When a Loss from Continuing Operations Exists (Issue 4)
- Clarifying Calculation of the Reference Amount for Beneficial Interests (Issue 6)
- Clarifying Guidance for the Transfer of Receivables from Contracts with Customers (Issue 20)
- Clarifying Accounting for Certain Receivables by Not-for-Profit Entities (Issue 25)
The board is accepting feedback through Tuesday, April 22, on the proposed ASU that addresses 34 issues in its codification. See the full list of proposed changes.