Technical Corrections and Improvements

No. 2015-10 June 2015

Technical Corrections and Improvements

An Amendment of the FASB Accounting Standards Codification?

The FASB Accounting Standards Codification? is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied by nongovernmental entities. An Accounting Standards Update is not authoritative; rather, it is a document that communicates how the Accounting Standards Codification is being amended. It also provides other information to help a user of GAAP understand how and why GAAP is changing and when the changes will be effective.

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Accounting Standards Update

No. 2015-10 June 2015

Technical Corrections and Improvements

An Amendment of the FASB Accounting Standards Codification?

Financial Accounting Standards Board

Accounting Standards Update 2015-10 Technical Corrections and Improvements June 2015 CONTENTS

Page Numbers

Summary ...........................................................................................................1?3 Amendments to the FASB Accounting Standards Codification? .....................5?77

Background Information and Basis for Conclusions ......................................78?81

Amendments to the XBRL Taxonomy .................................................................82

Summary

Why Is the FASB Issuing This Accounting Standards Update (Update)?

Since the FASB Accounting Standards Codification? was established in September 2009 as the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied by nongovernmental entities, stakeholders have provided feedback on minor corrections and clarifications using the Codification Research System's feedback mechanism. The Codification's About the Codification describes the FASB's procedure for responding to feedback submissions, which involves the staff analyzing and processing the submissions and including any resulting changes to the Codification in maintenance updates or in an Accounting Standards Update.

On November 10, 2010, the acting FASB chairman added a standing project to the FASB's agenda to address feedback received from stakeholders on the Codification and to make other incremental improvements to GAAP. This perpetual project will facilitate Codification updates for technical corrections, clarifications, and improvements and should eliminate the need for periodic agenda requests for narrow and incremental items. These amendments are referred to as Technical Corrections and Improvements.

The Board decided that the types of issues that it will consider through this project are changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The amendments in this Update include items raised to the Board through the Codification's feedback mechanism and are items that the Board concluded met the scope of this project, rather than that of a maintenance update, making due process necessary. Maintenance updates include nonsubstantive corrections to the Codification, such as editorial corrections, various types of link-related changes, and changes to source fragment information that is used for the Cross Reference and Printer-Friendly with Sources options of the Codification.

Who Is Affected by the Amendments in This Update?

This Update contains amendments that will affect a wide variety of Topics in the Codification. The amendments in this Update will apply to all reporting entities within the scope of the affected accounting guidance.

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What Are the Main Provisions?

The amendments in this Update cover a wide range of Topics in the Codification. The reason for each amendment is provided before each amendment for clarity and ease of understanding. The amendments generally fall into one of the types of amendments listed below.

1. Amendments Related to Differences between Original Guidance and the Codification. These amendments arose because of differences between original guidance (for example, FASB Statements, EITF Issues, and so forth) and the Codification. These amendments principally carry forward pre-Codification guidance or subsequent amendments into the Codification. Many times, either the writing style or phrasing of the original guidance did not directly translate into the Codification format and style. As a result, the meaning of the guidance might have been unintentionally altered. Alternatively, amendments in this section may relate to guidance that was codified without some text, references, or phrasing that, upon review, was deemed important to the guidance.

2. Guidance Clarification and Reference Corrections. These amendments provide clarification through updating wording, correcting references, or a combination of both. In most cases, the feedback suggested that, without these enhancements, guidance may be misapplied or misinterpreted.

3. Simplification. These amendments streamline or simplify the Codification through minor structural changes to headings or minor editing of text to improve the usefulness and understandability of the Codification.

4. Minor Improvements. These amendments improve the guidance and are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities.

How Do the Main Provisions Differ from Current Generally Accepted Accounting Principles (GAAP) and Why Will They Be an Improvement?

The amendments in this Update represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. Additionally, some of the amendments will make the Codification easier to understand and easier to apply by eliminating inconsistencies, providing needed clarifications, and improving the presentation of guidance in the Codification.

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