Defining Issues | October 2020
Insight
ASU 2020-10 clarifies various topics in the Codification, including the addition of existing disclosure requirements to the relevant disclosure sections.
Applicability
- All entities
Relevant dates
| Effective date | Public entities and certain not-for-profit entities and employee benefit plans | All 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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