Prepare for the new credit losses standard with our special report—Radical Changes Coming to Credit Loss Accounting. FASB issued Accounting Standards Update 2016-13, Financial Instruments—Credit Losses (Topic 326) on June 15. The ASU significantly changes how entities measure credit losses for most financial assets. Entities are required to measure expected credit losses at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts.
The report was authored exclusively for Bloomberg BNA by James Green. Mr. Green was a partner in Arthur Andersen’s Professional Standards Group and a manager at KPMG. He has been offering insights into GAAP for 30 years, helping the Financial Accounting Foundation create the FASB Accounting Standards Codification®. He also authored Bloomberg BNA’s portfolio: Financial Instruments: IFRS 9—Classification and Measurement.
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