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FinREC issues working draft on credit loss issue

By Ken Tysiac

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The AICPA Financial Reporting Executive Committee (FinREC) issued a working draft Tuesday of an accounting issue related to the implementation of FASB’s new standard on accounting for credit losses.

FinREC is creating a new AICPA accounting and auditing guide devoted to the current expected credit loss guidance included in FASB Accounting Standards Update No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. FinREC is seeking feedback on a working draft that will be included in the guide.

The working draft addresses:

  • Issue No. 6, Reasonable and Supportable Forecast — Developing the Period and Use of Historical Information.

Informal feedback on the working draft can be emailed to Jason Brodmerkel (Jason.Brodmerkel@aicpa-cima.com) by Dec. 31.

— Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA’s editorial director.