MEDIA ADVISORY 03/25/13
FASB Staff Document Responds to Frequently Asked Questions about Proposal to Improve Accounting for Current Expected Credit LossesNorwalk, CT, March 25, 2013—The Financial Accounting Standards Board (FASB) today posted to its website a FASB staff document that responds to frequently asked questions (FAQ) about its recent proposed Accounting Standards Update, Financial Instruments—Credit Losses (Subtopic 825-15). The FAQ document addresses common questions posed by stakeholders about the Exposure Draft.
The FAQ document, along with the proposed Accounting Standards Update and other educational materials, is posted to the Accounting for Financial Instruments—Impairment project page at www.fasb.org.
About the Financial Accounting Standards Board
Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information. For more information about the FASB, visit our website at www.fasb.org.