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The Financial Accounting Standards Board (FAS) published a proposed accounting standards update this week to clarify and get rid of some specific inconsistencies in key parts of GAAP.
The FASB proposals encompass several areas of the FASB Accounting Standards Codification and apply to a variety of organizations, including public companies, private companies and nonprofits.
You can check out the complete FASB update HERE:
FASB is asking for feedback on the proposals by Dec. 4, 2017.