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FASB makes narrow-scope amendments to guidance on credit losses

  • FASB document Image

Nov 15, 2018

The FASB has issued Accounting Standards Update (ASU) No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments — Credit Losses.”

For entities other than public business entities, ASU 2018-19 changes the effective date of the Board’s credit losses standard (ASU 2016-13) to fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Thus, the effective date for such entities’ annual financial statements is now aligned with that for their interim financial statements. Further, the ASU clarifies that operating lease receivables are not within the scope of ASC 326-20 and should instead be accounted for under the new leasing standard, ASC 842.

For more in­for­ma­tion, see the press release and ASU on the FASB’s Web site.

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