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FASB appoints transition group for pending credit loss standard

Tammy Whitehouse | March 24, 2016

The “transition resource group” approach worked so well for the new revenue recognition standard, the Financial Accounting Standards Board has seated a new group to help implement the pending standard on credit losses.

FASB appointed 16 heavy hitters in the accounting and financial services world to the new Transition Resource Group. Members hail from accounting firms PwC, KPMG, EY, Deloitte, Grant Thornton, and Crowe Horwath, as well as banking and insurance entities like Allstate, Citigroup, Wells Fargo, and others. Representatives of several banking regulators will observe the group’s activities, as will the Securities and Exchange Commission and the Public Company Accounting Oversight Board. FASB member Larry Smith will chair the group.

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