FASB published a summary of the Investor Advisory Committee meeting, which was held on May 14, 2019. The meeting included discussion on the Leases standard (Topic 842) and the Credit Losses standard (Topic 326).
As part of the discussion on the emerging issues and trends, the Committee members discussed their observations on implementation of the leasing standard (Topic 842, Leases). Consistent with the discussions during prior Investor Advisory Committee meetings, members reiterated the recommendation for additional transparency of information on a geographical basis. With respect to Topic 326 on credit losses, members discussed the FASB decision to not require disclosure of gross write-offs and gross recoveries by vintage. Members indicated that they anticipated receiving this type of vintage information as part of the credit losses standard (Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses). Members also confirmed that gross write-offs and gross recoveries by vintage would be useful in their analyses. The next meeting of the Committee will be held on November 12, 2019.
Related Link: Meeting Update
Keywords: Americas, US, Banking, Leases Standard, Credit Losses Standard, Topic 842, Topic 326, IFRS 9, IFRS 16, Investor Advisory Committee, FASB
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