On December 3, 2024, FASB issued a highly anticipated proposal to introduce a practical expedient and an accounting policy election to reduce the costly and time-consuming operational challenges of applying the CECL model to accounts receivable balances. The tentative project timeline indicated that a final Accounting Standards Update could be issued as soon as the second quarter of 2025. If approved, early adoption would be permitted for 2024 financial statements that have not been made available for issuance. Download the PDF below for details on the proposal.
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