Heads Up: FASB Addresses Troubles With RestructuringsVolume 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.
Read more in the file attached below or visit the Heads Up Archive for past issues.
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