The Financial Accounting Standards Board has voted to extend the comment deadline for a much-debated proposal on credit losses and loan impairments.

The proposal aims to improve financial reporting about expected credit losses on loans and other financial assets held by banks, financial institutions, and other public and private organizations. Both FASB and the International Accounting Standards Board have been trying to converge the standards as part of their financial instruments project, but have not yet been able to agree on a common approach (see IASB Diverges from FASB in Revised Loan Loss Proposals). The new comment deadline on Proposed Accounting Standards Update, Financial Instruments—Credit Losses (Subtopic 825-15) is May 31, 2013.

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