The Financial Accounting Standards Board (FASB) is seeking feedback on a proposed Accounting Standards Update to amend transition requirements and provide clarity regarding the scope of FASB’s 2016 current expected credit loss standard.
The proposal would clarify when the new accounting standard will be applicable and offer key details about its treatment of operating lease receivables. Credit union advocates noted that they are awaiting guidance addressing how the standard will be applied to their market segment.
Learn more details about how the proposal would address industry concerns.