FASB: Deadline Extended For Comments On Credit Loss Proposal (April 2, 2013)

Author:Ms Grant Thornton's Audit Practice Group
Profession:Grant Thornton LLP

Reacting to constituents' concerns, the Board agreed last week to extend the deadline for comments on proposed Accounting Standards Update (ASU), Financial Instruments - Credit Losses, from April 30 to May 31, 2013.

The extension will give stakeholders more time to review not only the proposed ASU, but also a related staff Frequently Asked Questions document, as well as the IASB's recently issued proposal on credit losses.

FASB ratifies EITF final consensuses and consensus-for-exposure

At its March 28 meeting the Board ratified the following EITF final consensuses:

Issue 12-B, "Not-for-Profit Entities: Services Received from Personnel of an Affiliate" Issue 12-G, "Accounting for the Difference between the Fair Value of the Assets and the Fair Value of the Liabilities of a Consolidated Collateralized Financing Entity" The Board also ratified the EITF's consensus-for-exposure on Issue 13-B, "Accounting for Investments in Qualified Affordable Housing Projects."

For a summary of these issues, refer to the March 19 edition of On the Horizon.

Board seeks input on four new XBRL implementation guides

The Board is asking constituents to comment on four new GAAP Financial Reporting Taxonomy Implementation Guides, designed to facilitate the use of online eXtensible Business Reporting Language (XBRL) reporting:

Other Comprehensive Income Insurance Industry: Concentration of Credit Risk Disclosures Insurance Industry: Reinsurance-Related Disclosures Segment Reporting Comments on both insurance industry guides and the segment reporting guide are due by May 18, and comments on the other...

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