- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Maria L. Murphy2020-02-10T20:29:00
Fourth-quarter earnings calls of large U.S. public financial institutions provide insights into FASB’s current expected credit loss (CECL) standard.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
The challenge facing companies that choose to report CECL in the first quarter despite reporting relief announced Friday is how to reasonably reflect the potential effects of the coronavirus in estimates of current expected credit losses.
FASB’s controversial standard on credit losses was dealt two significant blows Friday as the U.S. government scrambles to respond to the financial impact of the escalating coronavirus pandemic.
Two regulatory chairs are battling over whether a delay is needed for financial institutions to implement the updated credit loss standard; also expressed are opposing views on how loan modifications should be viewed in terms of troubled debt restructurings.
Chinese authorities banned PwC’s Chinese unit from performing audits in the country for six months, labeling the subsidiary’s flawed audit work as complicit in the failure of giant property developer Evergrande.
Erica Williams was reappointed to a second term as chair of the Public Company Accounting Oversight Board after an ambitious first three years in the role that have seen the agency work to update many of its standards deemed outdated.
Software company Autodesk said it won’t restate several years of financial statements following an audit committee investigation into potential accounting misconduct.
