Helping clients meet their business challenges begins with an in-depth understanding of the industries in which they work. That’s why KPMG LLP established its industry-driven structure. In fact, KPMG LLP was the first of the Big Four firms to organize itself along the same industry lines as clients.

How We Work

We bring together passionate problem-solvers, innovative technologies, and full-service capabilities to create opportunity with every insight.

Learn more

Careers & Culture

What is culture? Culture is how we do things around here. It is the combination of a predominant mindset, actions (both big and small) that we all commit to every day, and the underlying processes, programs and systems supporting how work gets done.

Learn more

FAQs about FASB’s ASU on modified receivables

Hot Topic | May 2023

Updated: We answer questions encountered in practice about amended TDR guidance and enhanced disclosures for creditors

ASU 2022-02 eliminates the requirement for creditors to recognize and measure certain modifications of receivables as troubled debt restructurings, and enhances disclosures about certain modifications of receivables. KPMG answers implementation questions about the new ASU. 


ASU 2022-02

  • Entities that have adopted the credit impairment standard (ASC 326)

Relevant dates

ASU 2022-02 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years.

  • ASC 326 not yet adopted: Adopt this ASU at the same time as ASC 326.
  • ASC 326 already adopted: Early adoption is permitted. An entity can early adopt the guidance for modified receivables in any interim period, but it must apply all of the ASU’s guidance for modified receivables as of the beginning of the fiscal year that includes the interim period.

Key Impacts:

In this Hot Topic, we provide our views on:

  • How expected credit losses are estimated after adoption for receivables that were modified in a TDR before adoption
  • The impact of early adopting the ASU in an interim period other than the first interim period of a fiscal year
  • Meeting the requirements for enhanced disclosures about certain receivable modifications, including what modifications and defaults are subject to each disclosure
  • New in this edition: We answer questions encountered in practice about whether lease receivable modifications are in scope of the enhanced disclosures

Download the document:

Modified receivables

Download PDF

Explore more

Meet our team

Image of Mark Northan
Mark Northan
Partner, Dept. of Professional Practice, KPMG US
Image of Lisa Blackburn
Lisa Blackburn
Partner, Dept. of Professional Practice, KPMG US

Accounting Research Online

Access our accounting research website for additional resources for your financial reporting needs.

Thank you!

Thank you for contacting KPMG. We will respond to you as soon as possible.

Contact KPMG

Use this form to submit general inquiries to KPMG. We will respond to you as soon as possible.

By submitting, you agree that KPMG LLP may process any personal information you provide pursuant to KPMG LLP's Privacy Statement.

An error occurred. Please contact customer support.

Job seekers

Visit our careers section or search our jobs database.

Submit RFP

Use the RFP submission form to detail the services KPMG can help assist you with.

Office locations

International hotline

You can confidentially report concerns to the KPMG International hotline

Press contacts

Do you need to speak with our Press Office? Here's how to get in touch.