Comments Due to NAFCU: FASB - Troubled Debt Restructurings

Important Regulatory Dates Add to Calendar 2021-12-09 17:00:00 2021-12-09 17:00:00 Comments Due to NAFCU: FASB - Troubled Debt Restructurings NAFCU would like to highlight the following: The proposed update would eliminate the accounting guidance for TDRs for creditors that have adopted CECL. The proposed update would enhance existing disclosure requirements and introduce new requirements related to modifications of receivables made to borrowers experiencing financial difficulty. For credit unions that have already adopted CECL, the Financial Accounting Standards Board (FASB) will determine an effective date after considering stakeholder feedback on this proposed update. For credit unions that have not adopted CECL, the proposed update will be effective concurrent with the effective date of CECL, which is January 2023. Comments due to NAFCU: December 9, 2021 Comments due to the FASB: December 23, 2021 Comment now   NAFCU will send comments on behalf of its members to the FASB by their deadline (December 23, 2021). Location NAFCU digital@nafcu.org America/New_York public

NAFCU would like to highlight the following:

  • The proposed update would eliminate the accounting guidance for TDRs for creditors that have adopted CECL.
  • The proposed update would enhance existing disclosure requirements and introduce new requirements related to modifications of receivables made to borrowers experiencing financial difficulty.
  • For credit unions that have already adopted CECL, the Financial Accounting Standards Board (FASB) will determine an effective date after considering stakeholder feedback on this proposed update. For credit unions that have not adopted CECL, the proposed update will be effective concurrent with the effective date of CECL, which is January 2023.

Comments due to NAFCU: December 9, 2021

Comments due to the FASB: December 23, 2021

Comment now  

NAFCU will send comments on behalf of its members to the FASB by their deadline (December 23, 2021).