The Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (ASU) that would clarify and improve areas of guidance related to the recently issued standards on credit losses, hedging, and recognition and measurement. Stakeholders are encouraged to review and provide comment on the proposal by December 19, 2018.
“Since issuing the financial instruments standards, the FASB staff has been working with stakeholders to obtain feedback and address questions on the guidance,” noted FASB Chairman Russell G. Golden. “Through these interactions, the FASB identified areas of the guidance that require clarification and correction. The amendments in the proposed ASU would address those areas.”
The proposed ASU is part of the FASB’s ongoing agenda project focused on improving the FASB Accounting Standards Codification® and correcting its unintended application.
The proposed ASU is available at www.fasb.org.
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