The board has identified 34 issues for revision, with an aim to enhance generally accepted accounting principles . Credit: chaylek/Shutterstock.

The Financial Accounting Standards Board (FASB), a private, nonprofit organisation that sets financial accounting standards for US businesses and nonprofits, has announced a call for stakeholder input on a proposed accounting standards update (ASU) aimed at improving the FASB Accounting Standards Codification.

The board has identified 34 issues for revision, with an aim to enhance generally accepted accounting principles.

Stakeholders have time to review and comment on the proposed changes until 22 April 2025.

The amendments span a wide range of topics and would impact all entities adhering to the relevant accounting guidance.

The board has emphasised the importance of feedback on five specific issues, including removing the master glossary term amortized cost, and clarifying the calculation of earnings per share when a loss from continuing operations exists.

The issues also include offering clarification on calculation of the reference amount for beneficial interests and guidance for the transfer of receivables from contracts with customers, as well as clarifying accounting for certain receivables by not-for-profit entities.

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In addition to the highlighted issues, the proposed ASU addresses several other points.

These include clarifying comparative financial statement presentation requirements, correcting error in comprehensive income example, clarifying disclosure requirements for a lessor鈥檚 net investment in leases or lease receivables arising from sales-type leases or direct financing leases. Earlier in January 2025, FASB issued an invitation to comment to garner stakeholder feedback on its future standard-setting agenda.聽