FASB Codification improvements


Authored by RSM US LLP

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.