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FASB proposes expanded disclosures and improved accounting related to credit losses standard

On November 23, the FASB issued an exposure draft of a proposed ASU intended to improve the decision usefulness of information provided to investors about certain loan refinancings, restructurings, and writeoffs. The proposed ASU addresses areas identified by the FASB as part of its post-implementation review of the credit losses standard that introduced the CECL model.The amendments in the proposed ASU would eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the CECL model, while enhancing disclosure requirements for loan refinancings and restructurings made with borrowers experiencing financial difficulty.In addition, the proposed amendments would require that a public business entity disclose current-period gross writeoffs by year of origination for financing receivables and net investment in leases in the vintage disclosures.Comments are due by December 23, 2021.
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