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Journal Entry — FASB Extends Comment Period for Proposed ASU on Credit Losses

Published on: Mar 28, 2013

The FASB decided today to extend the comment period to May 31, 2013, on its proposed Accounting Standards Update Financial Instruments — Credit Losses. The Board extended the original April 30 deadline to give constituents time to consider both the IASB’s recently issued revised exposure draft, Financial Instruments: Expected Credit Losses, and the FASB staff’s FAQ document, which was released earlier this week.

The FASB and IASB are expected to discuss feedback on the proposals jointly over the summer.

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