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Journal Entry — FASB Responds to FAQs on Proposed Accounting for Current Expected Credit Losses

Published on: Mar 26, 2013

Yesterday, the FASB posted to its Web site a staff document that addresses many of the FAQs it has received from constituents on its December 2012 proposed Accounting Standards Update (ASU) Financial Instruments — Credit Losses. The questions in the FASB staff document are divided into three sections: (1) “Project Objectives,” (2) “Measuring Expected Credit Losses,” and (3) “Other Alternatives Considered.”

Comments on the proposed ASU are due by April 30, 2013. The FASB is expected to discuss the feedback received on this proposal, as well as that on the IASB’s exposure draft Financial Instruments: Expected Credit Losses, jointly with the IASB over the summer.

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