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Journal entry — Impairment of financial instruments — Comment period and next steps

Published on: Oct 31, 2012

At its meeting today, the FASB continued deliberating the current expected credit loss (CECL) model, its proposed impairment model for financial assets. The Board discussed the comment-period length for its upcoming proposed Accounting Standards Update (ASU) and unanimously agreed that it should either be 120 days or extend until April 30, 2013, whichever is longer.

The Board also unanimously agreed to proceed with drafting the proposed ASU for expected issuance by the end of the calendar year.

Editor’s Note: In discussing whether the CECL model would improve current U.S. GAAP and reduce complexity, the Board unanimously agreed that the model would do both. Further, the FASB chairman noted that in November the FASB will hold a joint education session with the IASB to discuss the boards' respective models and any differences between them.

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