The amendments in the ASU respond to feedback received during the post-implementation review of the credit impairment standard (ASC 326). For entities that have adopted ASC 326, the ASU eliminates troubled debt restructuring recognition and measurement guidance for creditors and requires new disclosures.
|Effective date||Entities that have adopted ASC 326||All other entities|
|Annual and interim periods – Fiscal years beginning after||December 15, 2022||December 15, 2022; consistent with when the entity first applies ASC 326|
|Early adoption permitted?||Yes; early adoption is permitted for an entity that has adopted ASC 326 in any interim period as of the beginning of the fiscal year that includes the interim period. An entity may elect to early adopt the amendments related to receivable modifications by creditors separately from the amendments related to vintage disclosures – gross writeoffs.|