Post-Implementation Review of Topic 326: Credit Losses
The objective of the Post-Implementation Review process is to determine whether a standard is accomplishing its stated purpose, to evaluate the standard's implementation and continuing compliance costs and related benefits, and to provide feedback to improve the standard-setting process. Feedback from preparers on
implementation and the ongoing (or
recurring) application of new standards is critical to the FASB’s efforts to improve financial reporting in the most cost-effective manner.
Topic 326, Credit Losses, is effective for public business entities for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2019 and December 15, 2022 for other entities. Because adoption of the new standard has concluded, the FASB seeks to understand preparers’ experiences implementing the new standard. All references to the “new standard” in this survey refer to Accounting Standards Update No. 2016-13,
Credit Losses (Topic 326).
To collect feedback from preparers, the FASB created the following survey that asks about implementation activities for Topic 326. Survey questions cover the following topics:
- Accounting Personnel (employees or external personnel)
- Departments Other Than Accounting and IT (e.g., Human Resources, Legal, Tax)
- IT Systems
- Preparation Costs
- Audit Costs
- Investor/Lender Education
- Post-issuance Guidance
We anticipate that the survey will take approximately 30 minutes to complete. Please submit all responses through the electronic survey.
If you are not a preparer of financial statements and received this survey by mistake, please do not complete the survey. If you have completed the survey already, please do not complete the survey again.