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Deloitte comments on FASB's proposed transition relief for credit losses

Published on: Mar 08, 2019

Deloitte & Touche LLP has commented on the FASB's proposed ASU Targeted Transition Relief for Topic 326, Financial Instruments — Credit Losses.

An excerpt from the comment letter is shown below:

We support the Board’s efforts to amend the transition guidance in ASU 2016-13. Specifically, we support the Board’s proposed amendment that would allow entities to irrevocably elect, upon adoption of ASU 2016-13, the fair value option (FVO) for certain financial instruments that are within the scope of ASC 326-20, provided that the instruments are eligible for the FVO under ASC 825-10.

For more information, see the full text of the comment letter which is available below.

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