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Preface

Preface

Preface

We are pleased to present the 2023 edition of Current Expected Credit Losses. Since the issuance of ASU 2016-131 (codified as ASC 326) on June 16, 2016, the FASB has focused on implementation efforts related to the adoption of this ASU. Since issuing the ASU, the FASB has held three transition resource group (TRG) meetings — as well as several public board meetings,2 public roundtables, and credit losses workshops — to discuss implementation questions raised and challenges identified by stakeholders. In response to the feedback received, the FASB has released (as of the date of this publication) nine final ASUs to amend certain aspects of ASC 326. In addition, the Board recently issued a proposed ASU that would amend the scope of assets subject to the model for accounting for purchased credit-deteriorated (PCD) assets (see Section 10.2.4). For a table summarizing substantive changes made to this Roadmap since the release of the previous edition, see Appendix D.
Although calendar-year-end companies have already adopted the guidance in ASC 326, challenging questions remain. We look forward to assisting you with whatever questions you have remaining and hope that you find this Roadmap integral to your success.3
Be sure to check out On the Radar (also available as a stand-alone publication), which briefly summarizes emerging issues and trends related to the accounting and financial reporting topics addressed in the Roadmap.

Footnotes

1
For a list of abbreviations used in this publication, see Appendix C. For the full titles of standards, topics, and regulations used in this publication, see Appendix B.
2
This Roadmap discusses the FASB’s standard setting through August 1, 2023. Stakeholders are encouraged to continue to monitor activity at the FASB, SEC, and other standard setters or regulators for any relevant developments or interpretations that may affect the views expressed in this publication. See Chapter 10 for more information.
3
We encourage you to use this Roadmap as a guide throughout your application of the credit losses standard and to contact us with any questions or suggestions for future improvements. However, the Roadmap is not a substitute for consulting with Deloitte professionals on complex accounting questions and transactions.