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Financial institutions are getting ready for the Financial Accounting Standards Board’s new credit loss standard, though some are dragging their heels, even as the effective date approaches.

If you have reservations about the new expected credit loss model for financial instruments, let’s take a high-level look at the guidance and try to answer some immediate questions.

Thomson Reuters’ Checkpoint Catalyst research service has added guidance on the Financial Accounting Standards Board’s new impairment rules requiring companies to recognize estimated credit losses sooner.

Accounting standard-setters are tweaking the rules for the standards taking effect in the next few years, according to officials.

The Financial Accounting Standards Board’s new standard on accounting for credit losses will require some major changes for banks, particularly smaller ones, as well as many companies that provide loans.

The International Accounting Standards Board has proposed a set of minor amendments to the financial instruments standard to make it easier to implement.

Implementation of the Financial Accounting Standards Board’s current expected credit loss standard is well underway at major banks, according to a survey by Deloitte, though the new standard could show how risky many of the loans really are.

Chris Henkel of Moody's Analytics discusses in this video how companies will be adjusting their processes to comply with FASB's new current expected credit loss model for financial instruments accounting.