This Roadmap provides Deloitte’s insights into and interpretations of the guidance in FASB Accounting Standards Update (ASU) No. 2016-13 (codified as ASC 326), Measurement of Credit Losses on Financial Instruments. The ASU adds to U.S. GAAP an impairment model known as the current expected credit loss model, which is based on expected losses rather than incurred losses.
New topics addressed in the 2023 update of this Roadmap include the FASB’s recently issued proposed ASU Purchased Financial Assets, which would amend the scope of assets subject to the model for accounting for purchased credit-deteriorated assets.
Be sure to check out other titles in Deloitte’s Roadmap series, our comprehensive, easy-to-understand collection of accounting guides on selected topics of broad interest to the financial reporting community.