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ASU 2024-02 — Amendments to Remove References to the Concepts Statements

FASB amendment that removes Concepts Statement references from several Codification Topics and clarifies the boundary between authoritative and nonauthoritative literature.

Authority and currency

About this authority

Publisher
Financial Accounting Foundation
Standing
Primary authority
Version
Accounting Standards Update 2024-02
Relevant parts
Summary and amendments removing references to Concepts Statements
Currency
current · checked Sep 9, 2026

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The Financial Accounting Standards Board removed references to Concepts Statements where they were unnecessary, referred to superseded concepts, or could confuse the role of Concepts Statements with that of authoritative guidance. The Update explains the amendments and their transition. Current Codification guidance governs an entity's accounting conclusion.