FASB Improves Guidance on Financial Instruments March 9, 2020 The FASB has issued Accounting Standards Update No. 2020-03, Codification Improvements to Financial Instruments, which makes narrow-scope amendments related to the following topics: Fair value option disclosures. Applicability of the portfolio exception in ASC 820 to nonfinancial items. Disclosures for depository and lending institutions. Cross-reference to guidance in ASC 470-50 on line-of-credit or revolving-debt arrangements. Cross-reference to net asset value practical expedient in ASC 820-10. Interaction between ASC 842 and ASC 326. Interaction between ASC 326 and ASC 860-20. For more information, see the press release on the FASB’s Web site.