Podcast overview
KPMG professionals discuss the impacts of ASU 2022-02 and answer questions encountered in practice about the elimination of separate recognition and measurement of TDRs and the required enhanced disclosures for modified receivables.
Applicability
- Applies to all creditors with modifications of receivables from borrowers experiencing financial difficulty
Relevant dates
The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. This effective date is the same for all entities. Entities that have not previously adopted ASC 326 will adopt the ASU at the same time they adopt ASC 326.
Early adoption is permitted for an entity that has adopted ASC 326. An entity can early adopt the guidance for modified receivables in any interim period, but must apply all of the ASU’s guidance for modified receivables as of the beginning of the fiscal year that includes the interim period.
Podcast contents
- 0:55 – Overview of ASU 2022-02
- 3:00 – Key impacts and transition approach
- 7:15 – Modifications included in the enhanced disclosures requirements
- 10:50 – Implementation Q&As
Explore more
Resource
Handbook: Credit impairment
Latest edition: Our updated guide to CECL, with Q&As, interpretive guidance and examples.
Resource
FASB amends TDR guidance and enhances disclosures
ASU eliminates TDR recognition and measurement guidance for creditors and requires new disclosures.
Resource
FAQs about FASB’s ASU on modified receivables
Updated: We answer questions encountered in practice about amended TDR guidance and enhanced disclosures for creditors
Meet our team
Subscribe to stay informed
Receive the latest financial reporting and accounting updates with our newsletters and more delivered to your inbox.