FASB issued an Accounting Standards Update (ASU No. 2019-04) that clarifies and improves areas of guidance related to the recently issued standards on credit losses (Topic 326), derivatives and hedging (Topic 815), and recognition and measurement of financial instruments (Topic 825). The amendments contain codification improvements to these topics, to make the codifications easy to understand and apply. The amendments in this update apply to all reporting entities within the scope of the affected accounting guidance. The updated document contains a table describing the amendments for each topic and a section that explains when the amendments will be effective for each topic.
Keywords: Americas, US, Banking, Insurance, Accounting, CECL, Derivatives and Hedging, Financial Instruments, Topic 326, Topic 815, Topic 820, Accounting Standards Update, FASB
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