FASB Discusses Projects on Credit Losses and Segment Reporting
April 8, 2022
At its April 6, 2022, meeting, the FASB discussed its projects on the following topics:
Postimplementation review of ASC 326 on credit losses — The Board decided not to add an agenda item related to providing a practical expedient that would “allow all entities to not apply the recognition and measurement guidance on troubled debt restructurings” under ASC 310-40.
Segment reporting — The Board discussed (1) application of the significant expense principle to gross interest expense for financial operation segments, (2) reconciliation of significant segment expenses to consolidated expense amounts, and (3) feedback on the segment reporting project through the Board’s 2021 Invitation to Comment Agenda Consultation. The FASB staff will continue drafting a proposed Accounting Standards Update on this topic for external review.