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On November 26, 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2019-11
Codification Improvements to Topic 326, Financial Instruments – Credit Losses. The amendments in this ASU clarify, correct errors in, improve, or address issues about certain topics related to the amendments in ASU No. 2016-13,
Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU No. 2016-13 was issued on June 16, 2016 and introduced an expected credit loss model for the impairment of financial assets measured at amortized cost basis.
The amendments are summarized as follows:
Expected Recoveries for Purchased Financial Assets with Credit Deterioration (PCD assets)
Transition Relief for Troubled Debt Restructurings (TDRs)
Disclosures Relief for Accrued Interest Receivables
Financial Assets Secured by Collateral Maintenance Provisions
For entities that have not yet adopted ASU No. 2016-13, the effective dates and transition requirements are the same as for ASU No. 2016-13.
For entities that have adopted ASU No. 2016-13, the amendments are effective for fiscal years beginning after December 15, 2019, including interim periods therein. Early adoption is permitted. The amendments should be applied on a modified retrospective basis by means of a cumulative-effect adjustment to the opening retained earnings balance on the statement of financial position as of the date an entity adopted ASU No. 2016-13.
To access the full script of ASU No. 2019-11, click
To access the full script of ASU No. 2016-13, click
For more information on the financial reporting library, contact a local
MNP Assurance Professional, or
Jody MacKenzie, Director, Assurance Professional Standards.
This communication contains a general overview of the topic and is current as of November 26, 2019. The application of the principles addressed will depend upon the particular facts and circumstances of each individual case. Accordingly, this publication is not a substitute for professional advice and we recommend that any decisions you take about the application or not of any of the information presented be made in consultation with a qualified professional, who can address any variance that may be required to reflect your circumstances. Please contact your local MNP representative for customized assistance with the application of this material. MNP LLP accepts no responsibility or liability for any loss related to any person’s use of or reliance upon this material. © MNP LLP 2019. All rights reserved.
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