The FASB has extended the comment deadline for its proposal to improve financial reporting about expected credit losses on loans and other financial assets held by banks, financial institutions, and other public and private organizations.
The new comment deadline on the proposed ASU, Financial Instruments—Credit Losses (Subtopic 825-15) is May 31, 2013.
"The FASB decided to extend the comment period on its credit losses proposal in response to stakeholders' requests for more time to consider this important issue,” stated FASB Chairman Leslie F. Seidman. "Given our strong desire for a converged standard, the FASB encourages stakeholders to also consider the proposal issued by the IASB, which differs in some respects, and to share your views on the appropriate path forward.”
The full text of the proposal can be found by clicking here.
Readers should not act upon information presented without individual professional consultation.
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