Issues & Trends | September 2020

 

Insight

2020 AICPA conference on banks & savings institutions

Highlights from the SEC, FASB, banking regulators and others on current topics affecting banks and savings institutions.

Michael Hall

Michael Hall

Partner, Dept. of Professional Practice, KPMG US

+1 212-872-5665

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

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

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