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ARTICLE · 16 APRIL 2013

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

Grant Thornton LLP
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Reacting to constituents' concerns, the Board agreed last week to extend the deadline for comments on proposed Accounting Standards Update.

United StatesAccounting and Audit
Grant Thornton'S Audit Practice Group
Grant Thornton'S Audit Practice Group
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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"

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