Update 9-1 Accounting and Reporting: Credit Losses
FASB Accounting Standards Update (ASU) No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, issued in June 2016, is effective for fiscal years of public business entities that are SEC filers beginning after December 15, 2019, including interim periods within those fiscal years.
For all other public business entities, the amendments in FASB ASU No. 2016-13 are effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years.
For all other entities, including not-for-profit entities and employee benefit plans within the scope of FASB Accounting Standards Codification (ASC) 960, Plan Accounting—Defined Benefit Pension Plans through FASB ASC 965, Plan Accounting—Health and Welfare Benefit Plans on plan accounting, FASB ASU No. 2016-13 is effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021.
Early application is permitted for all entities as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years.
FASB ASU No. 2016-13 creates FASB ASC 326, Financial Instruments—Credit Losses, to amend guidance on reporting credit losses for financial assets held at amortized cost ...
