Purchased Financial Assets (BDO Comment Letter)
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In 2023, the FASB proposed an accounting standards update, Financial Instruments – Credit Losses (Topic 326): Purchased Financial Assets, to address stakeholder feedback on the comparability and complexity of accounting for purchased financial assets.
In our comment letter, BDO supports the Board’s proposal to eliminate the credit deterioration criterion for applying the gross-up approach under Topic 326 for acquired financial assets, but requests certain clarifications.