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State Government Advocacy efforts brings the voice of credit unions to Sacramento and Carson City. Our advocacy team works daily with elected officials, staff, the executive offices, gubernatorial appointees, and the decision-makers of California and Nevada. This area will keep you updated on all advocacy efforts at the state level of Government.

From the Editors of CU Weekly

FASB CONTINUES DELIBERATIONS ON ASU
updated 10/08/13 09:26 AM
Six Related Items Clarified
The Financial Accounting Standards Board (FASB) has released its Sept. 27 board meeting minutes, which highlights some decisions concerning the proposed Accounting Standards Update (ASU) for Impairment of Financial Assets/Credit Losses.

According to the minutes, the board will move forward with future forecasting of losses based on current conditions and "reasonable and supportable forecasts." The board acknowledged that a final ASU should include implementation guidance. The board will continue deliberations, based on feedback from comment letters, before issuing a final ASU; however, no expected release date is available. The California and Nevada Credit Union Leagues will continue to monitor the status of the proposal.

Click here to read FASB's Sept. 27 board meeting minutes.

The FASB and International Accounting Standards Board (IASB) began re-deliberations on both of their recent exposure drafts. While both boards participated in discussions, each board only made decisions on their respective papers.

Six Issues Clarified
FASB has decided to clarify the following six issues:

  • An entity should revert to a historical average loss experience for the future periods beyond which the entity is able to make or obtain reasonable and supportable forecasts. (Vote: 7-0)
  • An entity should consider all contractual cash flows over the life of the related financial assets. (Vote: 7-0)
  • When determining the contractual cash flows and the life of the related financial assets, an entity should consider expected prepayments. (Vote: 7-0)
  • When determining contractual cash flows, an entity should not consider expected extensions, renewals, and modifications unless the entity reasonably expects it will execute a troubled debt restructuring with a borrower. (Vote: 6-1)
  • An estimate of expected credit losses should always reflect the risk of loss, even when that risk is remote. However, an entity would not be required to recognize a loss on a financial asset in which the risk of nonpayment is greater than zero, yet the amount of loss would be zero. (Vote: 7-0)
  • In addition to using a discounted cash flow model to estimate expected credit losses, an entity would not be prohibited from developing an estimate of credit losses using loss-rate methods, probability-of-default methods, or a provision matrix using loss factors. (Vote: 7-0)

Additionally, FASB decided that final guidance on expected credit losses should include implementation guidance describing the factors that an entity should consider to adjust historical loss experience for current conditions and reasonable and supportable forecasts.

 
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