Month: November 2018

To the Point – FASB clarifies the guidance on collaborative arrangements

Go to Source Author: The FASB amended ASC 808, Collaborative Arrangements, and ASC 606, Revenue from Contracts with Customers, to clarify that certain transactions between participants in a collaborative arrangement should be accounted for under ASC 606 when the counterparty is a customer. The guidance also precludes an entity from presenting consideration received from a transaction as revenue from contracts with customers if the counterparty is not a customer for that...

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To the Point – FASB TRG for Credit Losses discusses more implementation issues

Go to Source Author: Members of the FASB Transition Resource Group for credit losses (TRG) discussed implementation issues related to contractual term, vintage disclosures for revolving loans and recoveries. The FASB staff provided its views on partial discounting, foreign exchange losses on available-for-sale securities, impairment of beneficial interests in the scope of ASC 325-40 that are classified as trading and gross write offs and recoveries in the credit quality disclosures. The FASB staff plans to recommend amendments to ASC 326 as a result of the discussion. A FASB member also said the Board will discuss at a public meeting an alternative for recording credit losses that banks plan to ask the FASB to consider in conjunction with their request that regulators study the economic effects of applying ASC...

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