Jun 16, 2016
From the Financial Reporting Network
This edition of Defining Issues reports that the FASB’s new credit impairment standard will significantly change the way entities recognize impairment of financial assets by requiring immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets. Entities may need to collect more data and make significant changes to their systems, processes, and internal controls to comply with the requirements of the standard.
Read FASB Accelerates Recognition of Credit Losses