First Public Meeting Scheduled for April 1

Norwalk, CT, March 22, 2016
—The Financial Accounting Standards Board (FASB) today announced the members of the Transition Resource Group (TRG) for its upcoming credit losses standard.

The TRG will solicit, analyze, and discuss implementation issues that could arise when organizations implement the upcoming credit losses standard. The group will then share their views with the FASB, which will help the Board determine what, if any, action is appropriate to address those issues. The TRG also will provide stakeholders with a forum to learn about the new standard from others involved with implementation.

"Due to the success of the initial Transition Resource Group for the revenue recognition standard, we decided to establish a similar group to help the Board proactively address stakeholder concerns related to the implementation and operationality of the upcoming credit losses standard," said FASB Chair Russell G. Golden. "As the TRG discusses these issues, the Board can decide if it should take additional steps to provide educational materials on specific areas of concern, or if it needs to clarify the standard accordingly."

TRG members include financial statement preparers (including community banks and credit unions), auditors, users, and financial services regulators. Below is the complete list of members:
Observers The TRG will hold its first meeting with the Board on April 1, 2016, to discuss whether the measurement guidance of the expected credit loss portion of the upcoming standard clearly communicates the Board's decisions. Subsequent meetings will be announced shortly thereafter. All public meetings will be chaired by FASB Member Lawrence W. Smith and audio webcast live on the FASB website.

Stakeholders will be able to submit potential implementation issues for discussion by the TRG once the final standard is issued. Instructions for submission will be included on the TRG website. The FASB will evaluate each submission and prioritize the issues for discussion at public TRG meetings.

The FASB expects to issue the credit losses standard in mid-2016. For more information on the upcoming standard, please visit the FASB website.

About the Financial Accounting Standards Board

Established in 1973, the FASB is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard setter for public companies. FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the FASB. For more information, visit www.fasb.org.