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

 



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