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 FASB has proposed amendments to improve the accounting for purchased financial assets and is seeking comments from stakeholders. Chapter 9: Purchased financial assets with credit deterioration. Publication date: 31 May 2022. FASB ASC Topic 326 introduces the concept of purchased creditdeteriorated (PCD) assets. Who Must Report on What Forms. 1. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments, the culmination of a project that began in the wake of.