The Financial Accounting Standards Board has published an update to the Accounting Standards Codification to reflect some technical corrections to guidance from the Securities and Exchange Commission that is included in the Codification.

The update amends various SEC paragraphs based on comments the SEC has received and based on its issuance last summer of Staff Accounting Bulletin No. 112, which itself was something of a correction bulletin.

The nip-and-tuck guidance touches on topics such as the required content for a Form 10-Q, business combinations prior to an initial public offer, costs related to issuing debt in conjunction with a business combination, new basis of accounting, accounting for divestiture of a subsidiary or other business operation, financial statements of oil and gas exchange offers, and amendments to the XBRL financial reporting taxonomy.

The update also strikes out guidance that is no longer consistent with accounting rules that have been adopted in the past several months. SEC guidance that is now obsolete touches on liabilities and loss contingencies assumed in a business combination, a gain recognition on the sale of a business or operating assets to a highly leveraged entity, and adjustments to allowance for loan losses in connection with business combinations.

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