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Surveys suggest uncertainty over compliance with CECL

Tammy Whitehouse | October 11, 2017

A pair of recent surveys sheds further light on continued uncertainty in the financial services sector over how to project credit losses in compliance with a new accounting rule.

Two-thirds of entities in the financial services sector are still assessing how they’ll be affected by radical changes in how they are required to reflect losses stemming from debt-based financial instruments in financial statements, according to a poll by KPMG. The accounting standard, set forth by the Financial Accounting Standards Board, takes effect in 2020 to require entities to take a more forward-looking approach to those investments when booking losses.

The “current expected credit loss” model developed by the FASB requires entities to use both historical... To get the full story, subscribe now.