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Accounting Standards Update 2020-03
March 2020
Codification Improvements to Financial Instruments
An Amendment of the FASB Accounting Standards Codification®
The FASB Accounting Standards Codification ® is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied by nongovernmental entities. An Accounting Standards Update is not authoritative; rather, it is a document that communicates how the Accounting Standards Codification is being amended. It also provides other information to help a user of GAAP understand how and why GAAP is changing and when the changes will be effective.
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Summary

Why Is the FASB Issuing This Accounting Standards Update (Update)?
The Board has an ongoing project on its agenda for improving the Codification or correcting its unintended application. The items addressed in that project generally are not expected to have a significant effect on current accounting practice or create a significant administrative cost for most entities. The amendments in this Update are similar to those items. However, the Board decided to issue a separate Update to improve various financial instruments Topics in the Codification to increase stakeholder awareness of the amendments and to expedite the improvement process.
An explanation of why each amendment in this Update is being made is provided in the “Amendments to the FASB Accounting Standards Codification®” section. Thus, there is no separate section for the Board’s basis for conclusions in this Update.
Who Is Affected by the Amendments in This Update?
The amendments in this Update affect a wide variety of Topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance.
What Are the Main Provisions?
The amendments in this Update clarify or address stakeholders’ specific issues as described in the table below:
Area of Improvement
Summary of Amendments
Issue 1: Fair Value Option Disclosures
Stakeholders questioned whether entities other than public business entities are required to provide the fair value option disclosures in paragraphs 825-10-50-24 through 50-32.
The amendments clarify that all entities are required to provide the fair value option disclosures in paragraphs 825-10-50-24 through 50-32.
Issue 2: Applicability of Portfolio Exception in Topic 820 to Nonfinancial Items
Stakeholders noted that certain paragraphs of Section 820-10-35, Fair Value Measurement—Overall— Subsequent Measurement, were not updated to reflect that nonfinancial items can apply the portfolio exception.
Paragraphs 820-10-35-2A(g) and 820-10-35-18L are amended to include the phrase nonfinancial items accounted for as derivatives under Topic 815 to be consistent with the previous amendments to Section 820-10-35 that were made by Accounting Standards Update No. 2018-09, Codification Improvements.
Issue 3: Disclosures for Depository and Lending Institutions
Stakeholders noted that the disclosure guidance for debt securities under Topic 942, Financial Services—Depository and Lending, did not completely align with the guidance in Topic 320, Investments—Debt and Equity Securities, particularly the guidance in paragraphs 942-320-50-3 and 320-10-50-3.
The amendments clarify that the disclosure requirements in Topic 320 apply to the disclosure requirements in Topic 942 for depository and lending institutions.
Issue 4: Cross-Reference to Line-of-Credit or Revolving-Debt Arrangements Guidance in Subtopic 470-50
Stakeholders requested that paragraphs 470-50-40-17 through 40-18, which describe the accounting for fees between debtor and creditor and third-party costs directly related to exchanges or modifications of debt instruments, reference paragraph 470-50-40-21 for line-of-credit or revolving-debt arrangements.
The amendments improve the understandability of the guidance.
Issue 5: Cross-Reference to Net Asset Value Practical Expedient in Subtopic 820-10
Stakeholders suggested that a cross-reference be added to paragraph 820-10-50-2 to explain that those disclosure requirements do not apply to entities using the net asset value per share (or its equivalent) practical expedient described in paragraph 820-10-35-54B.
The amendments improve the understandability of the guidance.
Issue 6: Interaction of Topic 842 and Topic 326
Stakeholders requested clarification on determining the contractual term of a net investment in a lease for the purposes of measuring expected credit losses. Specifically, stakeholders noted that the contractual term of the net investment in a lease determined in accordance with Topic 842, Leases, may not align with the contractual term determined in accordance with Topic 326, Financial Instruments—Credit Losses.
The amendments clarify that the contractual term of a net investment in a lease determined in accordance with Topic 842 should be the contractual term used to measure expected credit losses under Topic 326.
Issue 7: Interaction of Topic 326 and Subtopic 860-20
Stakeholders noted that paragraph 860-20-25-13, which relates to a transferor regaining control of certain financial assets after a transfer that was previously accounted for as a sale is inconsistent with the requirements in Topic 326. Specifically, stakeholders noted that paragraph 860-20-25-13 precludes an entity from recognizing a loan loss allowance for loans that do not meet the definition of a security when they are rerecognized.
The amendments to Subtopic 860-20, Transfers and Servicing—Sales of Financial Assets, clarify that when an entity regains control of financial assets sold, an allowance for credit losses should be recorded in accordance with Topic 326.
How Do the Main Provisions Differ from Current Generally Accepted Accounting Principles (GAAP) and Why Are They an Improvement?
The amendments in this Update represent changes to clarify or improve the Codification. The amendments make the Codification easier to understand and easier to apply by eliminating inconsistencies and providing clarifications.
When Will the Amendments Be Effective and What Are the Transition Requirements?
Issues 1, 2, 3, 4, and 5: Conforming Amendments
The amendments related to Issue 1, Issue 2, Issue 4, and Issue 5 are conforming amendments. For public business entities, the amendments are effective upon issuance of this final Update. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years beginning after December 15, 2020. Early application is permitted.
The amendment related to Issue 3 is a conforming amendment that affects the guidance in the amendments in Accounting Standards Update No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. That guidance relates to the amendments in Accounting Standards Update No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The effective date of Update 2019-04 for the amendments to Update 2016-01 is for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years.
Issues 6 and 7: Amendments to Update 2016-13
The amendments related to Issue 6 and Issue 7 affect the guidance in the amendments in Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The effective date of Update 2016-13 varies depending on the type of entity. Public business entities that meet the definition of an Securities and Exchange Commission (SEC) filer, excluding eligible smaller reporting companies (SRCs) as defined by the SEC, should adopt the amendments in Update 2016-13 during 2020. All other entities should adopt the amendments in Update 2016-13 during 2023. Early adoption will continue to be permitted.
For entities that have not yet adopted the guidance in Update 2016-13, the effective dates and the transition requirements for these amendments are the same as the effective date and transition requirements in Update 2016-13.
For entities that have adopted the guidance in Update 2016-13, the amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For those entities, the amendments should be applied on a modified-retrospective basis by means of a cumulative-effect adjustment to opening retained earnings in the statement of financial position as of the date that an entity adopted the amendments in Update 2016-13.

Amendments to the FASB Accounting Standards Codification®

Summary of Amendments to the Accounting Standards Codification

1. The following table provides a summary of the amendments to the Accounting Standards Codification.
Area of Improvement 
Related Paragraphs 
Issue 1: Fair Value Option Disclosures
3–5
Issue 2: Applicability of Portfolio Exception in Topic 820 to Nonfinancial Items
6 and 7
Issue 3: Disclosures for Depository and Lending Institutions
8–10
Issue 4: Cross-Reference to Line-of-Credit or Revolving-Debt Arrangements Guidance in Subtopic 470-50
11 and 12
Issue 5: Cross-Reference to Net Asset Value Practical Expedient in Subtopic 820-10
13 and 14
Issue 6: Interaction of Topic 842 and Topic 326
15–20
Issue 7: Interaction of Topic 326 and Subtopic 86020
21 and 22

Introduction

2. The Accounting Standards Codification is amended as described in paragraphs 3–29. In some cases, to put the change in context, not only are the amended paragraphs shown but also the preceding and following paragraphs. Terms from the Master Glossary are in bold type. Added text is underlined, and deleted text is
struck out
.

Issue 1: Fair Value Option Disclosures

3. The basis for conclusions (paragraphs BC63 and BC75) of Accounting Standards Update No. 2016-01, Financial Instruments—Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities, explains the Board’s intent to provide entities other than public business entities with relief from the requirement to disclose the fair values of financial instruments measured at amortized cost basis. Because financial assets and financial liabilities on which the fair value option has been elected are measured at fair value and not at amortized cost basis, the Board concluded that all entities are subject to the fair value option disclosures in paragraphs 825-10-50-24 through 50-32.

Amendments to Subtopic 825-10

4. Add paragraph 825-10-50-23A and its related heading, with a link to transition paragraph 825-10-65-7, as follows:
Financial Instruments—Overall
Disclosure
Fair Value Option
> Applicability of This Subsection
825-10-50-23A This guidance discusses the applicability of the disclosure requirements in this Subsection to all entities that have elected the fair value option.
5. Add paragraph 825-10-65-7 as follows:
Transition and Open Effective Date Information
> Transition Related to Accounting Standards Update No. 2020-03, Codification Improvements to Financial Instruments
825-10-65-7 The following represents the transition and effective date information related to Accounting Standards Update No. 2020-03 , Codification Improvements to Financial Instruments:
  1. For public business entities, the pending content that links to this paragraph shall be effective upon issuance.
  2. For all other entities, the pending content that links to this paragraph shall be effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early application is permitted.
  3. An entity shall apply the pending content that links to this paragraph prospectively.

Issue 2: Applicability of Portfolio Exception in Topic 820 to Nonfinancial Items

6. The amendments clarify the applicability of the portfolio exception in Subtopic 820-10, Fair Value Measurement—Overall, to nonfinancial items accounted for as derivatives under Topic 815, Derivatives and Hedging.

Amendments to Subtopic 820-10

7. Amend paragraphs 820-10-35-2A and 820-10-35-18L and the related heading, with a link to transition paragraph 825-10-65-7, as follows:
Fair Value Measurement—Overall
Subsequent Measurement
> Definition of Fair Value
820-10-35-2A The remainder of this guidance is organized as follows:
  1. The asset or liability
  2. The transaction
  3. Market participants
  4. The price
  5. Application to nonfinancial assets
  6. Application to liabilities and instruments classified in a reporting entity’s shareholders’ equity
  7. Application to financial assets,
    assets and
    financial liabilities, and nonfinancial items accounted for as derivatives under Topic 815 with offsetting positions in market risks or counterparty credit risk.
> > Application to Financial Assets,
Assets and
Financial Liabilities, and Nonfinancial Items Accounted for as Derivatives under Topic 815 with Offsetting Positions in Market Risks or Counterparty Credit Risk
> > > Exposure to the Credit Risk of a Particular Counterparty
820-10-35-18L When using the exception in paragraph 820-10-35-18D to measure the fair value of a group of financial assets, financial liabilities, nonfinancial items accounted for as derivatives in accordance with Topic 815, or combinations of these items entered into with a particular counterparty, the reporting entity shall include the effect of the reporting entity’s net exposure to the credit risk of that counterparty or the counterparty’s net exposure to the credit risk of the reporting entity in the fair value measurement when market participants would take into account any existing arrangements that mitigate credit risk exposure in the event of default (for example, a master netting agreement with the counterparty or an agreement that requires the exchange of collateral on the basis of each party’s net exposure to the credit risk of the other party). The fair value measurement shall reflect market participants’ expectations about the likelihood that such an arrangement would be legally enforceable in the event of default.

Issue 3: Disclosures for Depository and Lending Institutions

8. The amendments on certain disclosures for depository and lending institutions clarify that the disclosure requirements in paragraphs 320-10-50-3 and 320-10-50-5 through 50-5C apply to the disclosure requirements in paragraphs 942-320-50-3 through 50-3A.

Amendments to Subtopic 942-320

9. Amend paragraph 942-320-50-1, with no link to a transition paragraph, and the pending content for 942-320-50-3 through 50-3A, with no additional link to transition, as follows:
Financial Services—Depository and Lending—Investments— Debt and Equity Securities
Disclosure
942-320-50-1 For purposes of the disclosure requirements of paragraphs 320-10-50-1 through 50-3 and 320-10-50-5 through 50-5C, the term financial institutions includes banks, savings and loan associations, savings banks, credit unions, finance companies, and insurance entities.
Pending Content:
Transition Date: (P) December 16, 2019; (N) December 16, 2019 Transition Guidance: 825-10-65-5
942-320-50-3 In complying with this requirement, financial institutions shall disclose the net carrying amount of debt securities based on at least 4 maturity groupings:
  1. Within 1 year
  2. After 1 year through 5 years
  3. After 5 years through 10 years
  4. After 10 years.
Securities not due at a single maturity date, such as mortgage-backed securities, may be disclosed separately rather than allocated over several maturity groupings. If allocated, the basis for allocation also shall be disclosed.
Pending Content:
Transition Date: (P) December 16, 2019; (N) December 16, 2019 Transition Guidance: 825-10-65-5
942-320-50-3A A financial institution that is a public business entity shall disclose the fair value of the debt securities based on at least 4 maturity groupings:
  1. Within 1 year
  2. After 1 year through 5 years
  3. After 5 years through 10 years
  4. After 10 years.
Securities not due at a single maturity date, such as mortgage-backed securities, may be disclosed separately rather than allocated over several maturity groupings. If allocated, the basis for allocation also shall be disclosed.

Amendments to Subtopic 825-10

10. Amend paragraph 825-10-65-5 and its related heading as follows:
Financial Instruments—Overall
Transition and Open Effective Date Information
> Transition Related to Accounting Standards Updates
Update
No. 2019-04,
Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, and No. 2020-03, Codification Improvements to Financial Instruments
825-10-65-5 The following represents the transition and effective date information related to Accounting Standards Updates
Update
No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, and No. 2020-03,Codification Improvements to Financial Instruments:
[The remainder of this paragraph is not shown here because it is unchanged.]

Issue 4: Cross-Reference to Line-of-Credit or Revolving-Debt Arrangements Guidance in Subtopic 470-50

11. The amendments clarify that paragraphs 470-50-40-17 through 40-18, which describe the accounting for fees between the debtor and creditor and third-party costs, respectively, directly related to exchanges or modifications of debt instruments, reference paragraph 470-50-40-21 for the accounting for modifications to or exchanges of line-of-credit or revolving-debt arrangements.

Amendments to Subtopic 470-50

12. Amend paragraphs 470-50-40-17 through 40-18 and 470-50-40-21, with a link to transition paragraph 825-10-65-7, as follows:
Debt—Modifications and Extinguishments
Derecognition
> Fees Between Debtor and Creditor
470-50-40-17 Fees paid by the debtor to the creditor or received by the debtor from the creditor (fees may be received by the debtor from the creditor to cancel a call option held by the debtor or to extend a no-call period) as part of the exchange or modification shall be accounted for as follows:
  1. If the exchange or modification is to be accounted for in the same manner as a debt extinguishment and the new debt instrument is initially recorded at fair value, then the fees paid or received shall be associated with the extinguishment of the old debt instrument and included in determining the debt extinguishment gain or loss to be recognized.
  2. If the exchange or modification is not to be accounted for in the same manner as a debt extinguishment, then the fees shall be associated with the replacement or modified debt instrument and, along with any existing unamortized premium or discount, amortized as an adjustment of interest expense over the remaining term of the replacement or modified debt instrument using the interest method.
For fees between the debtor and creditor for exchanges of or modifications to line-of-credit or revolving-debt arrangements, see paragraph 470-50-40-21.
> Third-Party Costs of Exchange or Modification
470-50-40-18 Costs incurred with third parties directly related to the exchange or modification (such as legal fees) shall be accounted for as follows:
  1. If the exchange or modification is to be accounted for in the same manner as a debt extinguishment and the new debt instrument is initially recorded at fair value, then the costs shall be associated with the new debt instrument and amortized over the term of the new debt instrument using the interest method in a manner similar to debt issue costs.
  2. If the exchange or modification is not to be accounted for in the same manner as a debt extinguishment, then the costs shall be expensed as incurred.
For third-party costs for exchanges of or modifications to line-of-credit or revolving-debt arrangements, see paragraph 470-50-40-21.
> Line-of-Credit or Revolving-Debt Arrangements
470-50-40-21 Modifications to or exchanges of line-of-credit or revolving-debt arrangements resulting in either a new line-of-credit or revolving-debt arrangement or resulting in a traditional term-debt arrangement shall be evaluated in the following manner:
  1. The debtor shall compare the product of the remaining term and the maximum available credit of the old arrangement (this product is referred to as the borrowing capacity) with the borrowing capacity of the new arrangement.
  2. If the borrowing capacity of the new arrangement is greater than or equal to the borrowing capacity of the old arrangement, then any unamortized deferred costs, any fees paid to the creditor, and any third-party costs incurred shall be associated with the new arrangement (that is, deferred and amortized over the term of the new arrangement).
  3. If the borrowing capacity of the new arrangement is less than the borrowing capacity of the old arrangement, then:
    1. Any fees paid to the creditor and any third-party costs incurred shall be associated with the new arrangement (that is, deferred and amortized over the term of the new arrangement).
    2. Any unamortized deferred costs relating to the old arrangement at the time of the change shall be written off in proportion to the decrease in borrowing capacity of the old arrangement. The remaining unamortized deferred costs relating to the old arrangement shall be deferred and amortized over the term of the new arrangement.
For fees between the debtor and the creditor or third-party costs not related to exchanges of or modifications to a line-of-credit or revolving-debt arrangements resulting in either a new line-of-credit or revolving-debt arrangement, see paragraphs 470-50-40-17 through 40-18.

Issue 5: Cross-Reference to Net Asset Value Practical Expedient in Subtopic 820-10

13. The amendment clarifies that the disclosure requirements in paragraph 820-10-50-2 do not apply to entities using the net asset value per share (or its equivalent) practical expedient.

Amendments to Subtopic 820-10

14. Amend paragraph 820-10-50-2, with a link to transition paragraph 825-10-65-7, as follows:
Fair Value Measurement—Overall
Disclosure
820-10-50-2 A reporting entity shall disclose the following information for each class of assets and liabilities (see paragraph 820-10-50-2B for information on determining appropriate classes of assets and liabilities) measured at fair value (including measurements based on fair value within the scope of this Topic) in the statement of financial position after initial
recognition:
recognition. These disclosure requirements shall not apply to an investment within the scope of paragraphs 820-10-15-4 through 15-5 for which fair value is measured using net asset value per share (or its equivalent, for example, member units or an ownership interest in partners’ capital to which a proportionate share of net assets is attributed) as a practical expedient, in accordance with paragraph 820-10-35-59.
[The remainder of this paragraph is not shown here because it is unchanged.]

Issue 6: Interaction of Topic 842 and Topic 326

15. Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost, requires that an entity estimate expected credit losses over the contractual term of the financial asset or assets, including specifying certain requirements that shorten the contractual term or extend the contractual term if certain conditions are met.
16. However, for purposes of lease accounting under Topic 842, Leases, when a lessor has an option to extend (or not terminate) the lease, the time period beyond those option exercise dates would be considered in determining the lease term. When a lessee has the option to extend (or not terminate) a lease, that additional time period would be considered only if it was reasonably certain that the lessee will exercise the option to extend (or not terminate the lease).
17. Therefore, the lease term and the contractual term potentially could be different under Topic 842 and Topic 326, respectively. The amendments align the contractual term to measure expected credit losses for a net investment in a lease under Topic 326 to be consistent with the lease term determined under Topic 842.

Amendments to Subtopic 326-20

18. Add the Master Glossary term Lease Term to Subtopic 326-20 as follows:
Lease Term
The noncancellable period for which a lessee has the right to use an underlying asset, together with all of the following:
  1. Periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option
  2. Periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option
  3. Periods covered by an option to extend (or not to terminate) the lease in which exercise of the option is controlled by the lessor.
19. Add paragraph 326-20-30-6A and amend paragraph 326-20-55-8, with a link to transition paragraph 326-10-65-4, as follows:
Financial Instruments—Credit Losses—Measured at Amortized Cost
Initial Measurement
> Developing an Estimate of Expected Credit Losses
326-20-30-6A For net investment in leases recognized by a lessor in accordance with Topic 842, instead of applying the guidance in paragraph 326-20-30-6, an entity shall use the lease term as the contractual term.
Implementation Guidance and Illustrations
> Implementation Guidance
> > Net Investment in Leases
326-20-55-8 This Subtopic requires that an entity recognize an allowance for credit losses on net investment in {add glossary link} leases {add glossary link} recognized by a {add glossary link}lessor{add glossary link} in accordance with Topic 842 on leases. An entity should include the unguaranteed residual asset with the lease receivable, net of any deferred selling profit, if applicable (that is, the net investment in the lease). When measuring expected credit losses on net investment in leases, the lease term should be used as the contractual term. When measuring expected credit losses on net investment in leases using a discounted cash flow method, the discount rate used in measuring the lease receivable under Topic 842 should be used in place of the effective interest rate.

Amendments to Subtopic 326-10

20. Amend paragraph 326-10-65-4 and its related heading as follows:
Financial Instruments—Credit Losses—Overall
Transition and Open Effective Date Information
> Transition Related to Accounting Standards Updates
Update
No. 2019-11, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, and No. 2020-03, Codification Improvements to Financial Instruments
326-10-65-4 The following represents the transition and effective date information related to Accounting Standards Updates
Update
No. 2019-11, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, and No. 2020-03, Codification Improvements to Financial Instruments:
[The remainder of this paragraph is not shown here because it is unchanged.]

Issue 7: Interaction of Topic 326 and Subtopic 860-20

21. The amendments relate to the interaction of the guidance in Topic 326 and Subtopic 860-20, Transfers and Servicing—Sales of Financial Assets. The amendments to Subtopic 860-20 clarify that when an entity regains control of financial assets sold, an allowance for credit losses should be recorded in accordance with Topic 326.

Amendments to Subtopic 860-20

22. Amend paragraph 860-20-25-13, with a link to transition paragraph 326-10-65-4, as follows:
Transfers and Servicing—Sales of Financial Assets
Recognition
> Regaining Control of Financial Assets Sold
860-20-25-13
Under no circumstances shall a loan loss allowance be initially recorded for loans that do not meet the definition of a security when they are rerecognized pursuant to paragraph 860-20-25-10. If a security is subsequently repurchased, it shall be rerecorded in accordance with Topic 320.
For financial assets rerecognized in accordance with paragraph 860-20-25-10, an entity shall initially recognize a financial asset at fair value. An entity shall then apply relevant guidance, including this Topic, Topic 310 on receivables, Topic 320 on investments—debt securities, Topic 321 on investments—equity securities, Topic 323 on investments—equity method and joint ventures, and Topic 325 on investments—other. In addition, an entity shall measure an allowance for credit losses in accordance with Topic 326, if applicable.
  1. For those financial assets that are not purchased financial assets with credit deterioration within the scope of Topic 326, an entity shall recognize an allowance for credit losses with a corresponding charge to credit loss expense as of the reporting date.
  2. For those financial assets that are purchased financial assets with credit deterioration (which includes beneficial interest that meets the criteria in paragraph 325-40-30-1A) within the scope of Topic 326, an entity shall recognize an allowance for credit losses in accordance with Topic 326 with a corresponding increase to the amortized cost basis of the financial asset(s) as of the recognition date.

Amendments to Status Sections

23. Amend paragraph 326-10-00-1, by adding the following item to the table, as follows:
326-10-00-1 The following table identifies the changes made to this Subtopic.
Paragraph
Action
Accounting Standards Update
Date
326-10-65-4
Amended
2020-03
03/09/2020
24. Amend paragraph 326-20-00-1, by adding the following items to the table, as follows:
326-20-00-1 The following table identifies the changes made to this Subtopic.
Paragraph
Action
Accounting Standards Update
Date
Lease
Added
2020-03
03/09/2020
Lease Term
Added
2020-03
03/09/2020
Lessee
Added
2020-03
03/09/2020
Lessor
Added
2020-03
03/09/2020
Underlying Asset
Added
2020-03
03/09/2020
326-20-30-6A
Added
2020-03
03/09/2020
326-20-55-8
Amended
2020-03
03/09/2020
25. Amend paragraph 470-50-00-1, by adding the following items to the table, as follows:
470-50-00-1 The following table identifies the changes made to this Subtopic.
Paragraph
Action
Accounting Standards Update
Date
470-50-40-17
Amended
2020-03
03/09/2020
470-50-40-18
Amended
2020-03
03/09/2020
470-50-40-21
Amended
2020-03
03/09/2020
26. Amend paragraph 820-10-00-1, by adding the following items to the table, as follows:
820-10-00-1 The following table identifies the changes made to this Subtopic.
Paragraph
Action
Accounting Standards Update
Date
820-10-35-2A
Amended
2020-03
03/09/2020
820-10-35-18L
Amended
2020-03
03/09/2020
820-10-50-2
Amended
2020-03
03/09/2020
27. Amend paragraph 825-10-00-1, by adding the following items to the table, as follows:
825-10-00-1 The following table identifies the changes made to this Subtopic.
Paragraph
Action
Accounting Standards Update
Date
825-10-50-23A
Added
2020-03
03/09/2020
825-10-65-5
Amended
2020-03
03/09/2020
825-10-65-7
Added
2020-03
03/09/2020
28. Amend paragraph 860-20-00-1, by adding the following item to the table, as follows:
860-20-00-1 The following table identifies the changes made to this Subtopic
Paragraph
Action
Accounting Standards Update
Date
860-20-25-13
Amended
2020-03
03/09/2020
29. Amend paragraph 942-320-00-1, by adding the following items to the table, as follows:
942-320-00-1 The following table identifies the changes made to this Subtopic.
Paragraph
Action
Accounting Standards Update
Date
942-320-50-1
Amended
2020-03
03/09/2020
942-320-50-3
Amended
2020-03
03/09/2020
942-320-50-3A
Amended
2020-03
03/09/2020
The amendments in this Update were adopted by the unanimous vote of the seven members of the Financial Accounting Standards Board:
Russell G. Golden, Chairman
James L. Kroeker, Vice Chairman
Christine A. Botosan
Gary R. Buesser
Susan M. Cosper
Marsha L. Hunt
R. Harold Schroeder

Amendments to the XBRL Taxonomy

The amendments to the FASB Accounting Standards Codification ® in this Accounting Standards Update require improvements to the U.S. GAAP Financial Reporting Taxonomy (Taxonomy). Those improvements, which will be incorporated into the proposed 2021 Taxonomy, are available through Taxonomy Improvements provided at www.fasb.org, and finalized as part of the annual release process.
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