FASB Issues New Guidance on Accounting for Credit Losses – The news release provides information on the new ASU, along with a video of why a new credit losses standard. (6/16) Source: FASB Financial Accounting Standards Board
FASB’s Overview of the New Standard – This overview outlines important information on the new guidance regarding expected credit losses, effective dates, and additional information, provided by FASB. Click here to download the PDF Source: FASB Financial Accounting Standards Board
OCC’s (BAAS) Allowance for Loan and Lease Losses — The BAAS expresses the OCC’s views on accounting with regards to the new ASU. ( 6/12) Click here to view BAAS’s Update Click here to download the PDF Source: OCC Office of the Comptroller of the Currency
Receivables (Topic 310) – The main objective in this ASU is to provide greater transparency about an entity’s allowance for credit losses and the credit quality of its financing receivables. ( 7/10) Source: FASB Financial Accounting Standards Board
OCC’s Allowance for Loan and Lease Losses — The OCC discusses the necessity for banks to be required an ALLL. (1998) Click here to view OCC’s Handbook Click here to download the PDF Source: OCC Office of the Comptroller of the Currency
ASU: Credit Losses (Topic 326) – This overviews the expected benefits and anticipated costs of the new credit losses standard. Source: FASB Financial Accounting Standards Board
FASB’s Update on Measurement of Credit Losses — Main provisions of the Accounting Standards Update is to require assets to be measured at amortized cost. ( 6/16)
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