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. ASC 326 uses the term "purchased financial assets with credit deterioration" and the definition of PCD assets is broader than the definition of PCI assets. This occurs when an asset ages and the wear and tear either renders it useless or costs too much to maintain the asset. Forvis Mazars summarizes recent FASB decisions on its purchased financial assets project, addressing negative comment letter feedback.