The Financial Accounting Standards Board on Friday issued the first accounting standard update of the new year—ASU 2020-1, which clarifies the interaction between accounting standards related to equity securities (ASC 321), equity method investments (ASC 323), and certain derivatives (ASC 815).  

The ASU is based on a consensus of the Emerging Issues Task Force. FASB expects it will reduce diversity in practice and increase comparability in accounting for these transactions.

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Maria L. Murphy, CPA, is a regular contributor to Compliance Week. She is a senior content management analyst, accounting and auditing products, CCH tax and accounting North America for Wolters Kluwer....