On February 6, 2019, the FASB issued a proposed ASU1 that would allow entities to irrevocably elect, upon adoption of ASU 2016-13,2 the fair value option for financial instruments that were previously recorded at amortized cost (except for held-to-maturity debt securities) and that are within the scope of ASC 326-20,3 provided that the instruments are eligible for the fair value option under ASC 825-10.4 This election would be made on an instrument-by-instrument basis. Comments on the proposed ASU are due by March 8, 2019.
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