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Comment Letter - FASB proposal on credit losses for private companies and certain NFPs


Overview

In our comment letter, we support the efforts of the Board and the Private Company Council (PCC) to simplify the guidance for private companies and certain not-for-profit entities (NFPs) on measuring credit losses for current accounts receivable and current contact assets arising from transactions accounted for under Accounting Standards Codification (ASC) 606, Revenue from contracts with customers. While we overall support the Board’s proposal, we recommend certain clarifications to improve operability and help entities apply the guidance consistently.

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