FASB Issues ASU to Improve Codification Guidance Related to Nonrefundable Fees and Other Costs

The FASB has issued Accounting Standards Update (ASU) No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables — Nonrefundable Fees and Other Costs. The ASU clarifies that “an entity should reevaluate whether a callable debt security is within the scope of paragraph 310-20-35-33 for each reporting period.”