The Financial Accounting Standards Board today proposed to eliminate its accounting guidance for troubled debt restructurings, or TDRs, while enhancing certain loan disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty.
In a recent report, the PCAOB noted ongoing deficiencies in the auditing of loan losses and an increase over 2019 in deficiencies, specifically on the related internal controls auditing.
The Federal Reserve introduced its CECL Scalable CECL Allowance Estimator, or SCALE, method and tool during an “Ask the Fed” webinar this summer.
The Financial Accounting Standards Board today voted to add two projects to its technical agenda based on feedback it received through its CECL project implementation review process.
The Federal Reserve today said it plans to launch a new tool, the Scaled CECL Allowance for Losses Estimator, or SCALE, to help community banks implement the current expected credit loss standard.
Many banks have until January 1, 2023 before they must implement the current expected credit loss standard, or CECL. But it’s not too soon to start gleaning lessons from larger institutions that are already utilizing the new standard.
By Josh Stein ABA’s position that troubled debt restructurings are outdated and unnecessary is gaining…
During a virtual roundtable hosted by the Financial Accounting Standards board today, investors, bankers and regulators expressed broad agreement on accounting alternatives related to troubled debt restructurings under CECL and acquired loans.
The FDIC today finalized changes to the risk-based deposit insurance system that applies to banks with more than $10 billion in assets to address the temporary deposit insurance assessment effects resulting from CECL implementation. The final rule takes effect April 1.
With Congress poised to cast final votes on a $900 billion bipartisan coronavirus relief package later this evening, ABA staff are currently reviewing the 5,500 page legislative text.