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Proposed changes to accounting standards - Estimating credit losses on Accounts Receivables and Contract Assets

  • 1.  Proposed changes to accounting standards - Estimating credit losses on Accounts Receivables and Contract Assets

    Posted 12-05-2024 02:17 PM
    Edited by Jenifer Wyss 12-05-2024 02:17 PM

    On December 3, 2024, the Financial Accounting Standards Board (FASB) issued an exposure document that proposes changes to the credit losses guidance pertaining to accounts receivable and contract assets for private companies and certain not-for-profit entities. The proposed changes are intended to reduce the cost and complexity in applying the guidance. The public comment period is open until January 17, 2025. The exposure draft is available on the FASB's website. 

    Thank you to those members of the IMA SBSIG who provided feedback in March 2024 during a meeting with the Private Company Council (PCC) about this issue! Your feedback was considered in connection with the decisions made by the PCC and the Board.



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    Jenifer Wyss, FASB Supervising Project Manager
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  • 2.  RE: Proposed changes to accounting standards - Estimating credit losses on Accounts Receivables and Contract Assets

    Posted 12-11-2024 10:32 AM

    Thanks for sharing this information, Jenifer.  We're so glad to hear our group had a positive impact.  We appreciate all the work PCC does to advance the financial reporting interests of small business.



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    Amanda Bernard CMA,CPA,CFE
    Director/Manager
    Douglassville PA
    United States
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