United States

FASB Codification improvements

FINANCIAL REPORTING INSIGHTS  | 

Periodically, the Financial Accounting Standards Board (FASB) updates the Accounting Standards Codification for minor technical corrections and clarifications that are deemed necessary. Recently the FASB issued Accounting Standards Update (ASU) 2020-10, Codification Improvements, which makes changes to clarify the Codification, corrects unintended application of guidance, and makes minor improvements to the Codification that are not expected to have a significant effect on current accounting practice. The transition and effective date guidance in the ASU is based on the facts and circumstances of each amendment.

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