The Financial Accounting Standards Board recently issued Accounting Standards Update (ASU) 2020-03 to improve and clarify various financial instruments topics, including the current expected credit losses (CECL) standard issued in 2016. ASU 2020-03 was issued separately from FASB’s other Codification improvement projects to address specific areas brought to the board’s attention by stakeholders.
“The FASB decided to issue this financial instruments ASU separate from other Codification improvements to increase stakeholder awareness of the changes and to expedite the improvement process,” said Chairman Russ Golden.
