FASB updates accounting standards codification

The Financial Accounting Standards Board released an accounting standards update Wednesday to improve its codification of standards on different topics, including technical corrections, unintended application of the Codification, clarifications and other minor improvements.

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The amendments address 33 issues and affect a wide range of topics in the Codification. They apply to all reporting entities within the scope of the affected accounting guidance.

The standards update is part of FASB’s efforts to address suggestions from its stakeholders on improving the Codification and making other incremental improvements to U.S. GAAP. 

Among the changes are clarifying comparative financial statement presentation requirements, correcting an error in an example illustrating comprehensive income, clarifying the calculation of earnings per share when a loss from continuing operations exists, and clarifying the disclosure requirements for lease receivables arising from sales-type leases or direct financing leases.