From the Archives: April 2013

FASB REQUEST FOR COMMENT: FASB delays Request for Comment on Financial Instruments Credit Losses 

FASB announced that it was delaying the due date for comments on the proposal to revise standard accounting practices for credit losses. The main objective of the change is to provide more accurate information about the expected credit losses of financial assets and other commitments. FASB believes this will be achieved by replacing the current impairment model, which reflects incurred credit events, with a model that recognizes expected credit risks and by requiring consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The changes proposed are vast and will lead to greater reserves and estimations in an already subjective calculation. The new comment deadline is May 31.

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