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The codification provides guidance on the financial statement presentation of loans and investments and the related credit allowance. In addition to the information provided on the face of the financial statements, certain disclosures must be made in the notes.
This chapter discusses certain considerations for the presentation and disclosure of loans and investments. See PwC’s Financial statement presentation guide for more general information on the presentation of the balance sheet and income statement. See FSP 6.7 for information on the statement of cash flow presentation.
This chapter assumes that an entity has adopted ASU 2022-01, Derivatives and Hedging (Topic 815), Fair Value Hedging – Portfolio Layer Method.
Recent standard setting
In June 2022, the FASB issued ASU 2022-03, Fair Value Measurements of Equity Securities Subject to Contractual Sale Restrictions. ASU 2022-03 clarified that a contractual restriction on the sale of an equity security (for example, an underwriter lock-up agreement) is not considered part of the unit of account of an equity security. As a result, such restriction is not considered in measuring the fair value of the equity security. ASU 2022-03 is effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. For all other entities, the guidance is effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance.
This chapter assumes that an entity has adopted ASU 2022-03, Fair Value Measurements of Equity Securities Subject to Contractual Sale Restrictions.
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