The Financial Accounting Standards Board is flyspecking its Accounting Standards Codification with a handful of recent updates to make technical corrections and to codify some comments made by observers from the Securities and Exchange Commission.

ASU 2009-11, Extractive Activities – Oil and Gas, amends Section 932-10-S99 to reflect SEC observer comments on Emerging Issues Task Force Issue No. 90-22. The SEC said companies should account for gas imbalances in a consistent way and should disclose the method of accounting and the amount of any significant imbalance, both in amount and in units.

ASU 2009-10, Financial Services – Broker and Dealers: Investments – Other, is an amendment to Subtopic 940-325 of the Codification. It codifies an SEC remark arising from Emerging Issues Task Force Issue No. 02-3 related to accounting for derivative contracts held for trading purposes and contracts involved in energy trading and risk management.

ASU 2009-09, Accounting for Investments – Equity Method and Joint Ventures and Accounting for Equity-Based Payments to Non-Employees, amends some specific points in sections 323 and 505 of the Codification. The amendments are intended to correct information that was originally entered into the Codification incorrectly, and it reflects recent comment from an SEC observer.

ASU 2009-08, Earnings per Share, Amendments to Section 260-10-S99, includes technical corrections to EPS guidance based on recent activity of FASB’s EITF. The correction addresses computation of EPS for a period that includes a redemption or an induced conversion of a portion of a class of preferred stock as well as the effect of the calculation of EPS.

ASU 2009-07, Accounting for Various Topics – Technical Corrections to SEC Paragraphs, includes a number of minor technical corrections to various topics containing SEC guidance. The corrections arose as a result of comments FASB continues to receive noticing small errors, typos, and citations that need to be corrected.

With the latest releases, FASB has made nearly a dozen updates to the Codification since it became the sole authority for all U.S. Generally Accepted Accounting Principles on July 1.

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