FASB Proposes Updates to U.S. GAAP Financial Reporting Taxonomy
The Financial Accounting Standards Board ("FASB") proposed updates to the U.S. Generally Accepted Accounting Principles ("U.S. GAAP") financial reporting taxonomy.
The FASB requested comment on amendments to the following proposal - Codification Improvements to Topic 326, Financial Instruments—Credit Losses - which would address, among other things:
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negative allowance for purchased financial assets with credit deterioration;
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transition relief for troubled debt restructurings;
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disclosures related to accrued interest receivables; and
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financial assets secured by collateral maintenance provisions.
Comments must be submitted by July 29, 2019.