Tax & AccountingApril 03, 2024

FASB issues ASU to remove references to Concepts Statements

By: CCH ARM Editorial

The FASB has issued Accounting Standards Update (ASU) No. 2024-02, Codification Improvements—Amendments to Remove References to the Concepts Statements.

FASB Concepts Statements

This ASU contains amendments to the Codification that remove references to various Concepts Statements. In most instances, the references are extraneous and not required to understand or apply the guidance. In other instances, the references were used in prior Statements to provide guidance in certain topical areas.

Effective date

These amendments are effective for public business entities for fiscal years beginning after December 15, 2024. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2025. Early application of the amendments is permitted for all entities, for any fiscal year or interim period for which financial statements have not yet been issued (or made available for issuance). If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period.

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