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CECL readiness spans the full spectrum, new poll shows

Tammy Whitehouse | July 20, 2018

More than one-fourth of financial institutions indicated recently they are in the final stages of implementing a new accounting standard that requires a more forward-looking approach to accounting for debt instruments, but nearly an equal number are still in the early stages.

That’s the result of a new poll by software firm SS&C Technologies Holdings on bank readiness to use a “current expected credit loss” approach to reflecting credit-related financial instruments in financial statements. Accounting Standards Codification Topic 326 requires companies to use a combination of their own historic data and market data to estimate where and in what amounts it will see trouble in its debt portfolio. Taking effect...

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