FASB has issued ASU 2019-05, which provides entities with more flexibility in applying the fair value option on adoption of the credit impairment standard.
Credit losses standard adopted? | ||
Effective date: | Yes | No |
Annual periods and interim periods – Fiscal years beginning after | December 15, 2019 | The effective dates and transition requirements are the same as the credit losses standard |
Early adopted allowed? | Yes, in any interim period if the company has adopted the credit losses standard | The effective dates and transition requirements are the same as the credit losses standard |
KPMG’s Handbook: Credit impairment
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