FASB removes references to the Concepts Statements

The FASB issued an ASU to remove references to the Conceptual Framework in the Codification. The Conceptual Framework establishes concepts that the Board considers in developing standards. The FASB noted that references to the Concepts Statements in the Codification could have implied that the Concepts Statements are authoritative. Also, some of the references removed were to Concepts Statements that are superseded.

Although the amendments are not intended to result in significant accounting change, the FASB recognized that changes to guidance may require transition. The ASU is effective for public business entities for fiscal years beginning after December 15, 2024 and for all other entities for fiscal years beginning after December 15, 2025. Early application is permitted.
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