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Comment on FASB’s ASU on credit losses

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Grant Thornton submitted a comment letter on the FASB’s proposed Accounting Standards Update, Codification Improvements to Topic 326, Financial Instruments – Credit Losses. Grant Thornton indicated it appreciated the efforts of the FASB to meaningfully engage stakeholders during the implementation of Topic 326 through its various means. However, the firm stated it does not believe entities should be allowed to recognize negative allowances resulting in recognizing amounts in income that are not related to improvements in expected credit losses. The letter enlarges on this and responds to other questions raised by the FASB.

Read our comment letter