FASB Adds SAB Topic No. 119 to Codification Topic 326

The FASB has issued Accounting Standards Update (ASU) No. 2020-02, Financial Instruments—Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842). This ASU adds an SEC paragraph pursuant to the issuance of SEC SAB Topic No. 119 to the FASB Codification Topic 326. This ASU also updates the SEC section of the Codification for the change in the effective dates of Topic 842.

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