Comment on Codification Improvements proposal

Grant Thornton issued a comment letter on the FASB’s Proposed Accounting Standards Update, Codification Improvements, providing answers to selected questions addressed to respondents. Here are some highlights:

• The firm support the board’s decision to remove references to the Concepts Statements throughout the Codification. We believe that this move will eliminate both unnecessary cross-referencing to the Concepts Statements and the risk that changes to the Concepts Statements would result in changes to authoritative GAAP.
• The firm approves the board’s decision to include all disclosure guidance in Section 50 for each Codification subtopic, which would will help to ensure that stakeholders have fully considered all relevant disclosure guidance.

Download the comment letter to view the complete version.