FASB Credit Loss Standard to be Issued Thursday
The Financial Accounting Standards Board’s (“FASB”) long-anticipated guidance in response to the 2008 financial crisis is scheduled for a Thursday release. The accounting board’s final standard for writing down bad loans and securities will be issued as Accounting Standards Update No. 2016-13, Financial Instruments — Credit Losses (Topic 326), and listed under U.S. GAAP as Topic 326, Financial Instruments — Credit Losses.
Barring any changes, public companies must implement the new amendments beginning in 2020.