Proposed Improvements to Guidance on Credit Losses
The Board discussed feedback received on its June 2019 proposed ASUCodification Improvements to Topic 326, Financial Instruments — Credit Losses. The Board affirmed several decisions related to the project and directed its staff to draft a final ASU for a vote by written ballot.
The Board decided to incorporate a “high-level principle” related to interim disclosures into ASC 270, Interim Reporting. This principle is based on a passage that has been removed from SEC Regulation S-X, Rule 10-01, Interim Financial Statements. The Board directed its staff to reassess the interim reporting disclosure requirements by performing research and outreach.