ASU 2020-10 clarifies various topics in the Codification, including the addition of existing disclosure requirements to the relevant disclosure sections.
Effective date | Public entities and certain not-for-profit entities and employee benefit plans | All other entities |
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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). |
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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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