CECL

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

Richard Jones is making post-implementation reviews of standards one of his top priorities, and taking a closer look at FASB’s crowded agenda.

The six largest credit card issuers have set aside billions of dollars worth of reserves in response to the novel coronavirus as well as the adoption of the Financial Accounting Standards Board’s new credit losses standard.

The pandemic and the new accounting standard are leading to lower regulatory capital ratios at global investment banks, according to a new report.

The Financial Accounting Standards Board will be meeting next week to discuss the impact of the novel coronavirus pandemic on its stakeholders, including pushing back the effective dates of some of its upcoming accounting standards.

The $2.2 trillion package passed by the Senate includes a provision that would allow banks the temporary option to postpone compliance with the credit losses standard.

The Financial Accounting Standards Board has come under pressure to relax its credit losses standard as banks and other financial institutions see the value of their assets plunging from the sell-off in the capital markets amid the coronavirus pandemic.

The Financial Accounting Standards Board issued the Current Expected Credit Loss (CECL) accounting standard in 2016. Since then, many questions have been raised about what it requires, particularly by financial services companies.

The Financial Accounting Standards Board made some narrow improvements to different aspects of the financial instruments guidance, including the current expected credit losses standard.

CECL’s impact on a financial institution is all about the portfolio makeup.