To the Point: FASB and IASB propose new model for recognizing credit losses

Per AccountingLink by E&Y,

The FASB and IASB have jointly proposed a model for determining when credit losses should be recognized on certain loans and other financial assets. Financial assets would be separated into a "good book" and "bad book," based on the company's internal credit risk management policies. Expected losses on the good book would be recognized over time while all expected losses on the bad book would be recognized immediately. In addition to their joint proposal, the FASB and IASB are also seeking feedback on their separate credit impairment approaches. Comments are due by 1 April 2011.

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