FASB to issue separate draft for credit impairment

10/28/2012 | Compliance Week

The Financial Accounting Standards Board has decided to issue a new exposure draft of its credit impairment model separately from its financial-instruments proposal. FASB is no longer working with the International Accounting Standards Board on a converged standard for financial instruments. The new credit-impairment model is based on "current expected credit loss," and the changes are significant enough from the original proposal that FASB decided a separate draft was necessary.

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