The FASB has issued ASU 2024-02, Codification Improvements-Amendments to Remove References to the Concepts Statements. ASU 2024-02 is part of an ongoing effort to make technical corrections to the Codification such as conforming amendments, clarifications to guidance, simplifications to wording or the structure of guidance, and other minor improvements. Specifically, ASU 2024-02 removes references to FASB Concept Statements as they are nonauthoritative.

Generally, these amendments are not expected to result in accounting changes. In the event that a change is required, the provisions of ASU 2024-02 are effective for fiscal years beginning after December 15, 2024 for public business entities and for fiscal years beginning after December 15, 2025 for all other entities. Early adoption is permitted. The amendments can be applied either prospectively or retrospectively.

The full text of ASU 2024-02 can be found here.

Published: 05/01/2024

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