Accounting Standards Update · 2024

ASU 2024-02 — Codification Improvements—Amendments to Remove References to the Concepts Statements

This Update contains amendments to the Codification that remove references to various FASB Concepts Statements. Removing all references to Concepts Statements in the guidance will simplify the Codification and draw a distinction between authoritative and nonauthoritative literature.

For more information, see the following:

Accounting Standards Update No. 2024-02—Codification Improvements—Amendments to Remove References to the Concepts Statements (PDF)

Issued: March 29, 2024

Text as published in the FASB Accounting Standards Codification, Basic View.