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FASB issues Codification improvements

Defining Issues | October 2020

The amendments affect several topics to clarify, correct errors in and make improvements to the FASB Codification.

ASU 2020-10 clarifies various topics in the Codification, including the addition of existing disclosure requirements to the relevant disclosure sections. 

Applicability

ASU 2020-10

  • All entities

Relevant dates

Effective datePublic entities and certain not-for-profit entities and employee benefit plansAll other entities

Annual periods – Fiscal years beginning after                                                              

Dec. 15, 2020

Dec. 15, 2021

Interim periods – In fiscal years beginning after

Dec. 15, 2020

Dec. 15, 2022

Early adoption allowed for any annual or interim period for which the financial statements have not yet been issued (or made available to be issued).

 

 

Key Impacts:

  • Improves consistency by amending the Codification to include all disclosure guidance in the appropriate disclosure sections.
  • Clarifies application of various provisions in the Codification by amending and adding new headings, cross referencing to other guidance, and refining or correcting terminology.

The FASB moved certain previous proposals to other projects, including the proposal to remove references to various Concepts Statements within the Codification.

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