FASB Proposes Improvements to Credit Losses Standard
June 27, 2019
The FASB has issued a proposed Accounting Standards Update (ASU), Codification Improvements to Topic 326, Financial Instruments — Credit Losses.
The proposed ASU would amend the following aspects of the FASB’s guidance on credit losses: (1) negative allowances for purchased financial assets with credit deterioration, (2) transition relief for troubled debt restructurings, (3) disclosures related to accrued interest receivables, (4) financial assets secured by collateral maintenance provisions, and (5) a conforming amendment to ASC 805-20. Comments on the proposed ASU are due by July 29, 2019.
For more information, see the press release and proposed ASU on the FASB’s Web site.