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CECL queues up as next big accounting change in 2019

Tammy Whitehouse | January 7, 2019

Theoretical and political debates aside, the long-awaited new accounting for credit losses is moving forward in 2019 unless someone takes definitive action to delay or alter it.

Accounting Standards Codification Topic 326 on credit losses is slated to take effect Jan. 1, 2020, more than three years after the Financial Accounting Standards Board finalized the standard. Described by some as the most significant change to ever occur in bank accounting, the standard affects all companies by taking a more futuristic approach to reporting credit losses.

“This is not a standard just for banks,” said Jonathan Howard, a partner at Deloitte, at a year-end accounting conference on regulatory matters. “It applies to all entities, although it is certainly a bigger deal for banks...

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