On Monday, the Financial Accounting Standards Board (FASB) released Accounting Standards Update No. 2012-04—Technical Corrections and Improvements. The ASU covers a wide range of amendments to correct and clarify the FASB’s codification project, including those that link precodification source literature and guidance to their new place in the codification’s format. Many of the amendments are nonsubstantive in nature, but some specifically identify “when the use of fair value should be linked to the definition of fair value in Topic 820, Fair Value Measurement [formerly FAS 157],” according to the ASU summary.
Effective dates: For public entities, the amendments in ASU 2012-04 will be effective for fiscal periods beginning after Dec. 15, 2012; for public or nonpublic entities, the amendments will be effective for fiscal periods beginning after Dec. 15, 2013.
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