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Overview
The FASB proposed requiring entities to apply the gross-up approach in ASC 326 to all financial assets acquired in a business combination and those acquired in an asset acquisition or recognized through the consolidation of a variable interest entity that is not a business, if they meet certain seasoning criteria, with limited exceptions. Today, the approach is applied only to purchased financial assets with credit deterioration. The proposal would be applied on a modified retrospective basis to all prior periods presented in financial statements for which an entity has adopted ASU 2016-13. Comments are due by 28 August 2023.