Credit Losses (ASU 2016-13)
Replaces the incurred loss model with the CECL model for financial assets, including trade receivables, debt securities, and loan receivables.
Clarifying standards:
ASU 2018-19 – Clarifies the effective date for non-PBEs and that impairment of operating lease receivables is in the scope of ASC Topic 842, “Leases,” and not the CECL model.
ASU 2019-04 – Provides specific improvements and clarifications to the guidance in Topic 326. Addresses accrued interest, transfers between classifications or categories for loans and debt securities, recoveries, vintage disclosures, and contractual extensions and renewal options.
ASU 2019-05 – Targeted transition relief provides an option to irrevocably elect the fair value option, on an instrument-by-instrument basis, for certain financial assets (excluding held-to-maturity debt securities) previously measured at amortized cost.
ASU 2019-10 – Deferral of effective dates.
ASU 2019-11 – Provides specific improvements and clarifications to the guidance in Topic 326. Addresses expected recoveries for purchased financial assets with credit deterioration, transition relief for troubled debt restructurings, disclosures related to accrued interest receivables, financial assets secured by collateral maintenance provisions, and conforming corss-references to Subtopic 805-20.
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Dec. 31, 20223
For ASU 2019-04 and ASU 2019-05, and ASU 2019-11, March 31,2020, for entities that have adopted ASU 2016-13; otherwise effective dates the same as ASU 2016-13
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Permitted as of the fiscal years beginning after Dec. 15, 2018, including interim periods within
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