The FASB amended the new credit losses standard to require entities to include certain expected recoveries in the allowance for credit losses for purchased credit deteriorated assets. The amendments also provide transition relief related to troubled debt restructurings, allow entities to exclude accrued interest amounts from certain required disclosures and clarify the requirements for applying the collateral maintenance practical expedient. The amendments have the same effective dates as the credit losses standard for entities that have not adopted that standard. For entities that early adopted the credit losses standard, the amendments are effective for fiscal years beginning after 15 December 2019 and interim periods therein.
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