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FASB Issues Exposure Draft on Credit Quality Disclosures

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FASB issued an exposure draft of a proposed Statement of Financial Accounting Standards, Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses.

Respondents were asked to comment on whether they believe the proposed statement would achieve its goal of providing more information regarding the nature of credit risk inherent in the creditor’s portfolio of financing receivables, how that risk is analyzed and assessed in arriving at the allowance for credit losses; and the changes and reasons for the changes, in both the receivables and the allowance for credit losses. 

Comments are due Aug. 24.

The proposed statement would be effective beginning with the first interim or annual reporting period ending after Dec. 15, with early application encouraged.