KPMG recently announced an alliance with SAS to help banks transition to a new accounting standard—current expected credit loss (CECL)—which will drastically change how financial institutions estimate, reserve, and report on losses.
The Financial Accounting Standards Board (FASB) introduced CECL as the new standard for the recognition and measurement of credit losses for loans and debt securities in an effort to ensure better loss coverage. The new standards take effect in stages beginning January 2020.
