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. Forvis Mazars summarizes recent FASB decisions on its purchased financial assets project, addressing negative comment letter feedback. The objective of this standard is to consider expected losses over the contractual term of a financial asset, usually upon initial recognition. This Statement addresses accounting and financial reporting for certain asset retirement obligations (AROs).