At its July 25, 2018, meeting, the FASB voted to draft an Accounting Standards Update (ASU) to clarify certain aspects of ASU 2016-13,1 specifically (1) the transition and effective date for nonpublic business entities (non-PBEs) and (2) the applicability of ASC 3262 to operating lease receivables. The proposed amendments are a result of discussions held at the FASB’s credit losses transition resource group (TRG) meeting on June 11, 2018.3 The proposed ASU will have a 30-day comment period when released.
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