FASB moves forward on the purchased financial assets proposal.

On October 2, 2024, FASB began deliberations on its 2023 purchased financial assets proposal, focusing on the scope of assets subject to the gross-up model and related measurement and recognition. FASB reached consensus on loan commitments, contract assets/lease receivables, and trade accounts receivables. Additional meetings are needed to review seasoning criteria and transition. All decisions are subject to change until a final standard is issued, which is not expected before year-end.

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