FASB Told of Concerns by NAFCU Over Lack of Guidance on TDRs, Other Disclosure Issues

NAFCU has sent a letter to the Financial Accounting Standards Board (FASB) sharing the association’s response to the Proposed Accounting Standards Board Update that eliminates accounting guidance for troubled debt restructurings (TDR) and enhances certain disclosure requirements. 

While NAFCU said it generally supports FASB’s proposal to eliminate the accounting guidance for TDRs, the association strongly urged FASB to “accelerate the effective date of TDR elimination as optional for non-public entities as early as the annual period beginning after December 15, 2021,” wrote Regulatory Affairs Counsel James.

Read more