CECL

The Financial Accounting Standards Board has decided to tweak some of its standards related to contract assets and liabilities for construction contractors.

Auditors face increasing challenges in evaluating how organizations estimate and report credit losses.

The board proposed an update to improve the accounting for purchased financial assets, including those acquired in a business combination.

Second quarter 2022 earnings releases by major banks show vastly increasing provisions for credit losses:

Richard Jones has been poring over the feedback the board received from a recent consultation on its future standard-setting agenda to decide on new projects to take on.

The Financial Accounting Standards Board released an accounting standards update aimed at improving the usefulness of information offered to investors about certain loan refinancings, troubled debt restructurings, vintage disclosures and gross write-offs, amending its credit losses standard.

The Financial Accounting Standards Board issued a proposed accounting standards update that would expand the disclosures under its credit losses standard.

Boards, shareholders, and auditors alike will want to know CECL’s impact.

The American Accounting Association has issued a rare rebuke to Congress criticizing government interference in accounting standards.

The board has voted to defer the effective date of its long-duration insurance contract standard for one year.