FASB proposes ASU to improve financial reporting about TDRs

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13 Oct 2010

The FASB has released Proposed Accounting Standards Update, Receivables (Topic 310): Clarifications to Accounting for Troubled Debt Restructurings by Creditors.

The proposed ASU provides additional guidance to assist creditors in determining whether a restructuring of a receivable meets the criteria to be considered a troubled debt restructuring (TDR). If finalized, this guidance will help to improve the consistency of applying U.S. GAAP for restructurings. Similar issues do not exist under IFRS, since there is no guidance for TDRs in IFRSs. Deloitte LLP (USA) has published a Heads Up Newsletter FASB Addresses Troubles With Restructurings (PDF 106k) explaining the proposed ASU.

Comments on the proposed ASU are due by 13 December 2010.

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