In September, KPMG reported on the key messages coming from the SEC, FASB, banking regulators and other speakers on current topics affecting banks and savings institutions.
In this update, KPMG summarizes discussions from the December meeting including the adoption of the new current expected credit losses (CECL) standard, COVID-19 loan modifications, and the ongoing effects of COVID-19 on the economy and the banking industry.
Applicability
- All financial institutions
Relevant dates
- Effective immediately
Key impacts:
- Latest views on the ongoing effects of COVID-19 on financial institutions.
- Banking regulators’ observations and reminders related on the allowance, loan modifications, government programs, and the supervisory outlook.
- Effects of COVID-19 loan modifications on accounting and financial reporting.
- Year-end accounting and financial reporting reminders for financial institutions.
Report contents
- Meeting highlights
- Regulatory update
- Loan modifications
- Year-end reminders
Related content
Issues & Trends: Pt. 1: 2020 AICPA conference on banks & savings institutions
Handbook: Impairment of nonfinancial assets
Hot Topic: Financial reporting implications of the CARES Act
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