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Transition Resource Group for Credit Losses reviews 5 issues

Summary of the June 12, 2017, meeting

This bulletin summarizes five issues related to the implementation of ASU 2016-13, Measurement of Credit Losses on Financial Instruments, that were discussed during the first meeting of the FASB’s Transition Resource Group for Credit Losses (TRG) on June 12:
  • Considering prepayments in the discount rate used to discount future cash flows
  • Determining when beneficial interests qualify as purchased credit deteriorated (PCD) assets
  • Transitioning purchased credit impaired (PCI) assets to PCD accounting
  • Forecasting troubled debt restructurings
  • Determining the contractual life of a credit card receivable