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Credit Losses: Helping Corporations Navigate ASC 326
The credit loss landscape is set to be transformed by the implementation of the Accounting Standards Update (ASU) 2016-13 — Financial Instruments-Credit Losses — issued by FASB. Under ASC 326, the incurred loss model is replaced by the current expected credit loss (CECL) model. This standard is sure to impact how corporations can write down losses on financial assets and poses significant risk to companies that don’t plan ahead. Take a look at the Credit Losses resources developed by Bloomberg Tax content and analysis team.
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