On Mar. 28, FASB decided to extend the comment period for its proposed Accounting Standards Update (ASU) related to credit losses on financial instruments. Originally, comments were to be received by Apr. 30, but will now be accepted until May 31, 2013.

FASB has not established an effective date for this proposed ASU. Doeren Mayhew encourages financial institutions to send FASB comments by:

  1. Emailing a letter to the Technical Director at director@fasb.org. Please include the File Reference No. 2012-260 on all comment letters.
  2. Mailing your written comments to Technical Director, File Reference No. 2012-260, FASB, 401 Merritt 7, PO Box 5116, Norwalk, CT 06856-5116
  3. Using the FASB website’s electronic feedback form.

To help financial institutions prepare for the upcoming Current Expected Credit Loss (CECL) model, Doeren Mayhew has released a new e-paper Ready, Set, Go! Will the Latest Proposed FASB Changes Get the Green Light?, and will also be hosting a webinar on Apr. 24, 2013.

For more information download the e-paper, register for the webinar, or contact Doeren Mayhew’s dedicated Financial Institutions Group, with CPAs in Michigan and Texas.