August 20, 2018

FASB proposed to amend the Accounting Standards Update No. 2016-13 (titled Financial Instruments—Credit Losses (Topic 326) and issued in June 2016), which introduced an expected credit loss model for the impairment of financial assets measured at amortized cost basis. The proposed update would amend the transition requirements and scope of the credit losses standard. Stakeholders are requested to provide comments by September 19, 2018.

The amendments in the proposed Accounting Standards Update include items brought to the attention of FASB by stakeholders. The proposed Accounting Standards Update would:

  • Mitigate transition complexity by requiring entities other than public business entities to implement it for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. This would align the implementation date for their annual financial statements with the implementation date for their interim financial statements.
  • Clarify that receivables arising from operating leases are not within the scope of the credit losses standard, but rather, should be accounted for in accordance with the leases standard.

 

Related Links

Comment Due Date: September 19, 2018

Keywords: Americas, US, Accounting, Banking, Credit Losses Standard, Topic 326, Accounting Standards Update, IFRS 9, FASB

Related Articles
News

APRA Releases Minor Changes to Reporting Standards on SA-CCR for Banks

APRA released minor changes to the three reporting standards for the standardized approach for measuring counterparty credit risk exposures (SA-CCR).

May 22, 2019 WebPage Regulatory News
News

APRA on Industry Self-Assessments into Governance and Accountability

APRA released an information paper analyzing the self-assessments performed by 36 of the country’s largest banks, insurers, and superannuation licensees in response to the final report on the Prudential Inquiry into the Commonwealth Bank of Australia (CBA).

May 22, 2019 WebPage Regulatory News
News

APRA Proposes to Amend Guidance on Residential Mortgage Lending

APRA is consulting on revisions to the prudential practice guide APG 223 on residential mortgage lending in Australia.

May 21, 2019 WebPage Regulatory News
News

IASB Proposes Improvements to IFRS 9 and IFRS 16

IASB published the exposure draft ED 2019/2 that proposes amendments to four IFRS standards, including IFRS 9 on Financial Instruments and IFRS 16 on Leases.

May 21, 2019 WebPage Regulatory News
News

ESAs Amend Technical Standards on Mapping of ECAIs Under CRR

ESAs published a second amendment to the implementing technical standards on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs) for credit risk under the Capital Requirements Regulation (CRR).

May 20, 2019 WebPage Regulatory News
News

OCC Consults on Information Collection for Home Mortgage Disclosures

OCC is soliciting comment on the revision of the information collection titled “Regulation C—Home Mortgage Disclosure.” OCC also notes that it has sent the collection to OMB for review.

May 20, 2019 WebPage Regulatory News
News

OCC Report Examines Key Risks for Federal Banking System

OCC published the Seminannual Risk Perspective for Spring 2019.

May 20, 2019 WebPage Regulatory News
News

ESMA Updates the List of Guidelines Under Its Mandate in May 2019

ESMA updated the overview of guidelines published under its mandate, with information and links to the related documents.

May 20, 2019 WebPage Regulatory News
News

EIOPA Updates Q&A on Regulations in May 2019

EIOPA published additional questions and answers (Q&A) on guidelines, directives, and regulations applicable to insurers in Europe.

May 17, 2019 WebPage Regulatory News
News

FSB Publishes Update on Meeting of RCG for Americas

FSB published a summary of the meeting of its Regional Consultative Group (RCG) in Americas.

May 17, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3108