Heads Up — FASB issues ASU to update requirements for troubled debt restructurings and vintage disclosures

Published on: 04 Apr 2022

This issue discusses the FASB’s newly issued Accounting Standards Update (ASU) No. 2022-02, which eliminates the accounting guidance for troubled debt restructurings for creditors in ASC 310-40 and amends the guidance on “vintage disclosures” to require disclosure of current-period gross writeoffs by year of origination. The ASU also updates the requirements for accounting for credit losses under ASC 326 and adds enhanced disclosures for creditors related to loan refinancings and restructurings for borrowers experiencing financial difficulty.


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