Accounting Standards Update · 2014

ASU 2014-04 — Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40)

The amendments in this Update clarifying when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update EITF-13E—Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40), which has been deleted.

Accounting Standards Update No. 2014-04 (PDF)

Issued: January 17, 2014

Text as published in the FASB Accounting Standards Codification, Basic View.