On Mar. 29, FASB update on reference removal to various statements.
FASB issued Accounting standards update 2024-02, which is entitled Codification improvements - amendments to remove references to the concepts statements.
Follows proposed amendment in Section A of 2019 proposed codification improvement.
Amendments
The amendments in this standards update affect a variety of topics in the codification.
Codification updates for technical corrections such as conforming amendments, clarifications, simplifications to wording or structure of guidance, minor improvements.
In most instances, references extraneous, not required to understand/apply guidance.
In other instances, the references were used in prior statements to provide guidance.
Redline version of codification amendments begin on page 8 of the final document.
Effectiveness
Amendments effective for public business entities for fiscal years after Dec. 15, 2024.
For other entities, amendments effective for fiscal years beginning after Dec. 15, 2025.
