Review a Final Accounting Standards Update Accounting Standards Update No. 2016-13, Financial Instruments- Credit Losses, was issued in June 2016.

a. Read the Summary section of this standard and describe why the standard was issued. What is the issue it is intended to resolve?

b. Look for guidance on when the standard became effective. That is, what is its effective date?

c. Look for the Dissenting Opinion written in the standard. What is these Board members' concern about the standard, and what do they describe as their preferred approach?