Issues & Trends | September 2020
KPMG reports on the key messages coming from the SEC, FASB, banking regulators and other speakers on current topics affecting banks and savings institutions. The effects of COVID-19 and implementation of the FASB’s current expected credit loss (CECL) standard were primary topics.
Applicability
- All financial institutions
Relevant dates
- Effective immediately
Key impacts:
- Latest views on the effects of COVID-19 on financial institutions and the adoption of the new credit impairment standard.
- Effects of COVID-19 loan modifications on accounting and financial reporting.
- Ongoing challenges and other practical application issues regarding the adoption of CECL.
Report contents
- Meeting highlights
- COVID-19
- SEC update
- Current expected credit loss standard (CECL)
- FASB update
- PCAOB & auditing standards update
- LIBOR transition
Related content
Pt. 2: 2020 AICPA conference on banks and savings institutions
Handbook: Impairment of nonfinancial assets
Handbook: Derivatives and hedging
Hot Topic: Financial reporting implications of the CARES Act
Hot Topic: Lender accounting for COVID-19 loan modifications
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