FASB Proposes to Ease Transition to the Credit Losses Standard

The FASB has issued a proposed Accounting Standards Update (ASU), Targeted Transition Relief for Topic 326, Financial Instruments — Credit Losses.

The proposed ASU would “allow preparers to irrevocably elect the fair value option, on an instrument-by-instrument basis, for eligible financial assets measured at amortized cost basis upon adoption of the credit losses standard.” Comments on the proposed ASU are due by March 8, 2019.

For more information, see the press release and proposed ASU on the FASB’s Web site.