April 2, 2024
Marcum’s Marc Giampaola and Michael Shoff examine a recent FASB decision for Bloomberg Tax
Bloomberg Tax
Excerpt:
A contentious piece of the accounting framework concerning credit losses, known as Topic 326, is on the cusp of creating a significant shift following a decision by the Financial Accounting Standards Board in February.
Despite reservations from the accounting sector, FASB advanced its proposal to revise accounting for purchased financial assets—a more unified approach that came after investment analysts and accountants called for changes to the existing rules.
