Chapter 9: Purchased financial assets with credit deterioration. Publication date: 31 May 2022.ASC 326's changes the accounting for credit losses. Let's take a look at the impact on purchased financial assets with credit deterioration. The Company has purchased loans, some of which have experienced more than insignificant credit deterioration since origination. On October 2, 2024, FASB began deliberations on its 2023 purchased financial assets proposal, focusing on the scope of assets subject to the grossup model.