Heads Up on FASB ASU on receivables disclosures
23 Jul 2010
Further to our earlier story, Deloitte (United States) has published a new Heads Up newsletter (PDF 132k) discussing the FASB's newly issued Accounting Standards Update (ASU) No. 2010-20, Disclosures About the Credit Quality of Financing Receivables and the Allowance for Credit Losses.
The objective of enhancing these disclosures is to improve financial statement users' understanding of:
- the nature of an entity's credit risk associated with its financing receivables; and
- the entity's assessment of that risk in estimating its allowance for credit losses as well as changes in the allowance and the reasons for those changes.
The disclosure requirements are similar to those required by IFRS 7 Financial Instruments: Disclosures, however the IFRS 7 disclosures are wider in scope. Click for:
- Heads Up Newsletter FASB Goes "ALLL"-In, Requires Entities to Show Their Cards - Board Enhances Disclosures About the Credit Quality of Financing Receivables and the Allowance for Credit Losses (PDF 132k)
- Heads Up archive
- FASB webinar on the proposals (link to FASB website)
- Our summary of IFRS 7 Financial Instruments: Disclosures
Click for earlier story: FASB issues ASU on receivables disclosures, releases webinar on new requirements