At the conclusion of their respective comment periods, both the Financial Standards Accounting Board and the International Accounting Standards Board will engage in additional discussions and deliberations before releasing final new credit loss accounting standards, said Robert Stewart, vice president of communications for the Financial Accounting Foundation.

The foundation is the parent organization for FASB. Stewart also said the FASB will review and consider all comment letters on the subject, which includes several from credit unions, industry trade organizations and vendors.

While the comment letters support some of the proposed changes, the credit union commenters were united in opposition to the FASB's proposal to require allowances for loan and lease losses to be based upon a single expected loss model that includes all estimated losses for the life of each loan, and would require losses to be recognized before they are actually incurred.