FASB issued new guidance on Monday, March 9, to make narrow-scope changes intended to improve the board’s standards for financial instruments accounting, including the credit losses standard issued in 2016.
The standard is part of an ongoing project to improve and clarify FASB Accounting Standards Codification and avoid unintended use.
Codification Improvements to Financial Instruments (No. 2020-03) contains a number of amendments that are not expected to significantly affect current practice or create an administrative cost for most entities.