March 2019
Intermediate to advanced
1440 pages
51h 20m
English
Content preview from Wiley GAAP 2019
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22ASC 326 FINANCIAL INSTRUMENTS—CREDIT LOSSES
PERSPECTIVE AND ISSUES
Technical Alert
ASU 2017-03.
See the Technical Alert in the chapter on ASC 250 for information on SEC pre-adoption disclosures for this new standard.
ASU 2016-13.
In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments. This ASU makes changes to several topics, and adds a new topic—ASC 326.
Effective Date
The ASU is effective:
- For public business entities that meet the definition of an SEC filer, annual periods beginning after December 15, 2019, and interim periods therein.
- For other public business entities, annual periods beginning after December 15, 2020, and interim periods therein.
- For all other entities, annual periods beginning after December 15, 2020, and interim periods within annual periods beginning after December 15, 2021.
Early adoption is allowed for all entities for fiscal years beginning after December 15, 2018, including interim periods therein.
Transition
Except where noted in the table below, entities should use modified-retrospective approach and record a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period that the entity adopts the guidance. For example, a calendar-year private company that adopts the standard in 2021 records the cumulative effect adjustment on January 1, 2020.
| Prospective Transition Approach Required | |
| Circumstance | Accounting ... |
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