Pt. 1: 2020 AICPA conference on banks & savings institutions

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: Credit impairment

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