Accounting standard setters are planning a series of technical corrections to big new rules on lease accounting and financial instruments, but resisted the temptation to do any further tweaking to the even bigger new rule on revenue recognition.
Staff members at the Financial Accounting Standards Board presented the board with more than 20 technical corrections to consider to standards on the recognition and measurement of financial instruments and leases in financial statements. With respect to leases, the board approved 16 separate language changes that address a number of specific requirements in the standard. In the area of financial instruments, the board approved six measures meant to clarify or improve the wording in the standard. None of the adjustments are directed at changing any of the core principles or requirements in either standard.
