Heads Up: FASB Addresses Troubles With Restructurings
Volume 17, Issue 34
The attached issue of Heads Up discusses the FASB’s recently issued proposed Accounting Standards Update (ASU) Clarifications to Accounting for Troubled Debt Restructurings by Creditors, which clarifies when a loan modification or restructuring is considered a troubled debt restructuring (TDR). The proposed ASU is not a direct response to the foreclosure issues that have dominated the business press in recent weeks. However, the step before foreclosure is often a loan modification or restructuring, which can have potential accounting and disclosure consequences if the modification or restructuring is deemed a TDR.
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