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Accounting & Auditing Update

The "Accounting & Auditing Update" is written by Tammy Whitehouse, a veteran business writer who has been a regular contributor to Compliance Week since 2005. Her work has also appeared in industry journals and periodicals including Journal of Business Strategy, Strategy & Leadership, Compensation & Benefits Review, Inc, Buyside, and myriad others. Whitehouse welcomes questions and comments from readers; she can be reached via e-mail at twhitehouse@complianceweek.com.
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Accounting & Auditing Update Blog
FASB finalizes new rule to accelerate recognition of loan losses
Tammy Whitehouse | June 16, 2016
FASB has finalized its long-awaited standard giving companies a new, more forward-looking way to account for credit losses in their portfolios. The standard will require companies to reflect expected credit losses on financial assets based on their historical experience, current market conditions, and even forecasts. Tammy Whitehouse has an in-depth look at the standard.
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Accounting & Auditing Update Blog
Bankers expect big accounting change under CECL model
Tammy Whitehouse | October 11, 2016
Bankers expect CECL, a new rule on how to reflect credit losses in financial statements, to produce big accounting changes. According to Tammy Whitehouse, some say it is the biggest change ever.
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Accounting & Auditing Update Blog
Some plan to dig into leases in 2017, some not so much
Tammy Whitehouse | December 22, 2016
The latest poll on big accounting change says some companies are making plans to devote time in 2017 to the new requirements around lease accounting, according to Tammy Whitehouse.
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Accounting & Auditing Update Blog
Bank regulators back scaling of CECL model for smaller banks
Tammy Whitehouse | January 18, 2017
Bank regulators issued a year-end Q&A on new credit loss rules to assure examiners and institutions understand that scaled modeling of loan loss allowances is permitted. Tammy Whitehouse explores.
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Accounting & Auditing Update Blog
Auditors get notice to scrutinize SAB 74 disclosures
Tammy Whitehouse | June 29, 2017
Auditors have been notified to be alert to whether corporate SAB 74 disclosures about pending new accounting standards are adequate.
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Accounting & Auditing Update Blog
Banks reconsider business approaches as CECL draws near
Tammy Whitehouse | May 20, 2018
A pending new requirement for how to reflect loan losses in financial statements is beginning to affect how banks do business, according to a recent poll.
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Accounting & Auditing Update Blog
CECL readiness spans the full spectrum, new poll shows
Tammy Whitehouse | July 20, 2018
Banks appear all over the spectrum in terms of their readiness for CECL, with equal numbers implementing the new model or still in the early stages, a new poll says.
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Accounting & Auditing Update Blog
FASB proposes amendments to CECL standard
Tammy Whitehouse | August 21, 2018
The Financial Accounting Standards Board is proposing some amendments to the pending new standard on credit losses.
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Accounting & Auditing Update Blog
FASB takes red pen to rules on financial instruments
Tammy Whitehouse | September 7, 2018
The Financial Accounting Standards Board is planning a number of updates to accounting standards around all three of its major new standards on financial instruments.
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Accounting & Auditing Update Blog
SEC will watch for SAB 74 disclosure leading to CECL
Tammy Whitehouse | September 21, 2018
The SEC will be looking for increasingly detailed disclosures to investors about the expected effects of moving to a new method for recognizing credit losses.
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Accounting & Auditing Update Blog
Half say revenue rule is immaterial, one-fifth still evaluating
Tammy Whitehouse | September 15, 2017
A PwC analysis shows about half of Fortune 500 companies expect revenue recognition changes to be immaterial, but nearly 20 percent are still evaluating.
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Accounting & Auditing Update Blog
Surveys suggest uncertainty over compliance with CECL
Tammy Whitehouse | October 11, 2017
Recent surveys suggest continued uncertainty in the financial services sector over how to project credit losses in compliance with a new accounting rule.
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Accounting & Auditing Update Blog
SEC tasks audit committees to set tone for accounting changes
Tammy Whitehouse | October 19, 2017
Audit committees take note: SEC is putting a lot of faith in you to set the tone for corporate adoption of major changes in accounting requirements.
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Accounting & Auditing Update Blog
Is IFRS 9 shaking up U.S. activity to adopt CECL?
Tammy Whitehouse | February 19, 2018
Accounting activity at publicly held financial institutions apparently is picking up to prepare for new requirements for the recognition of loan losses.
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Accounting & Auditing Update Blog
Banking regulators propose new capital rules under CECL
Tammy Whitehouse | April 16, 2018
Banking regulators are proposing changes to regulatory capital requirements to address forward-looking credit losses under a new accounting standard.
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Accounting & Auditing Update Blog
FASB staff plan to suggest CECL edits to answer questions
Tammy Whitehouse | June 7, 2018
FASB staff plan to suggest narrow changes to the new standard on credit losses to answer implementation questions on classification changes, interest, and more.
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Accounting & Auditing Update Blog
SAB 74 disclosures still lag, PwC analysis shows
Tammy Whitehouse | June 13, 2018
Investors are not getting much warning about assets and liabilities soon to hit corporate balance sheets as companies prepare to adopt new lease accounting rules.
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Accounting & Auditing Update Blog
Banks appeal to Treasury to intervene on CECL
Tammy Whitehouse | October 19, 2018
Banks are asking Treasury to intervene on CECL and delay it, worried implementation will threaten financial stability in a future recession.
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Accounting & Auditing Update Blog
FASB tees up CECL issues, but not deferral
Tammy Whitehouse | November 2, 2018
The FASB will meet to discern implementation issues associated with CECL, but the possibility of a deferral in the effective date is not on the agenda.
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Accounting & Auditing Update Blog
FASB considers how to answer CECL proposal
Tammy Whitehouse | November 8, 2018
The FASB is reviewing a request from a group of mid-sized financial institutions to revise CECL in a way the board has apparently already considered and dismissed.
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Accounting & Auditing Update Blog
Despite calls to delay CECL, FASB plans amendments
Tammy Whitehouse | November 9, 2018
FASB has decided to follow the advice of an advisory group and make some changes to CECL to address implementation issues.
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Accounting & Auditing Update Blog
SEC, FASB members offer no hopes for CECL delay
Tammy Whitehouse | November 12, 2018
Amid calls for a delay or changes to CECL, the SEC's chief accountant is defending the rulemaking process under FASB and its independence.
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Accounting & Auditing Update Blog
FEI group provides guides on leases, CECL controls
Tammy Whitehouse | November 16, 2018
FEI’s corporate reporting group has developed its own guides for preparers on how to assure sound controls with major new accounting adoptions.
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Accounting & Auditing Update Blog
FASB proposes updates to financial instrument rules
Tammy Whitehouse | November 27, 2018
FASB has issued a proposal to amend rules on three major standards on financial instruments to address clarity and implementation issues.
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Accounting & Auditing Update Blog
House plans hearing on CECL’s effect on economy, banks
Tammy Whitehouse | December 10, 2018
The SEC may be hands-off with respect to CECL, but the House Financial Services Committee is exploring the expected effect of the accounting change on the economy.
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