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ARTICLE · 24 MAY 2013

On the Horizon - May 14, 2013

Grant Thornton LLP
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The Board is asking for comments on proposed modifications to the Master Glossary included in the FASB Accounting Standards Codification®.

United StatesAccounting and Audit
Grant Thornton'S Audit Practice Group
Grant Thornton'S Audit Practice Group
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FASB

Proposed ASU to amend Codification's Master Glossary

The Board is asking for comments on proposed modifications to the Master Glossary included in the FASB Accounting Standards Codification® (ASC).

The amendments in proposed Accounting Standards Update (ASU), Technical Corrections and Improvements Related to Glossary Terms, would essentially delete outdated terms; correct existing or insert missing links; address situations where the same term is used to convey similar, but not identical, meanings by changing the term used; provide additional clarification; and correct for unintended applications. The proposed changes are not expected to impact current accounting practices.

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