At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the McGladrey Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest financial reporting insights. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.
FASB issues final standard on credit losses
On June 16, 2016, the Financial Accounting Standards Board (FASB) issued its long-awaited new standard on credit losses, namely Accounting Standards Update (ASU) 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which applies to all entities and most financial assets that are not measured at fair value through net income. The ASU represents the culmination of what has been a long and arduous process to address the complexity and perceived shortfalls of existing guidance, including the perception that credit losses are currently recognized too little and too late.
Source: RSM US LLP
Used with permission as a member of the McGladrey Alliance
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