ASU No. 2019-04
The FASB has issued Accounting Standards Update (ASU) No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, that clarifies and improves areas of guidance related to the recently issued standards on credit losses, hedging, and recognition and measurement.
“Since issuing the financial instruments standards, including credit losses and derivatives and hedging, the FASB staff has been working with stakeholders to obtain feedback and address questions on the guidance,” stated FASB Chairman Russell G. Golden. “Through these interactions, the FASB identified areas of the guidance that require clarification and correction. The amendments in the ASU address those areas.”
- Topic 1: Codification Improvements Resulting from the June 11, 2018 and November 1, 2018 Credit Losses Transition Resource Group (TRG) Meetings;
- Topic 2: Codification Improvements to ASU No. 2016-13;
- Topic 3: Codification Improvements to ASU No. 2017-12 and Other Hedging Items;
- Topic 4: Codification Improvements to ASU No. 2016-01; and
- Topic 5: Codification Improvements Resulting from the November 1, 2018 Credit Losses TRG Meeting.
- The ASU is part of the FASB’s ongoing agenda project focused on improving the FASB Accounting Standards Codification® and correcting its unintended application.
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