The transition away from LIBOR will be complicated and likely require significant hours to implement correctly for companies with a large volume of contracts.

In February, agencies released a final interagency policy statement on the allowance for credit losses related to the implementation of the CECL methodology. Catch the highlights of the policy statement in this article along with other potential…

The SEC recently finalized disclosure relief for certain debt securities as part of its ongoing disclosure effectiveness initiative. 

In 2016, FASB issued Accounting Standards Update (ASU) 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which added Topic 321, Investments—Equity Securities, and…

FASB has issued two accounting standards updates delaying the effective date for several major standards—Leases, CECL, Hedging and Insurance. Acknowledging the magnified challenges and costs for smaller entities when transitioning to a new guidance,…

The SEC recently issued a statement to encourage market participants who have not already done so to begin managing their transition away from the U.S. dollar London Interbank Offered Rate (LIBOR). The SEC notes that reference rate reform could have…

FASB recently approved a set of CECL technical corrections that will be issued shortly but soundly rejected a proposal to consider changing the guidance on acquired financial assets in a business combination. Read on for more details.

It is expected that a number of banks currently reporting information used to set the London Interbank Offered Rate (LIBOR)—the world’s primary benchmark for short-term interest rates—will stop doing so after 2021. The Alternative Reference Rates…

The Financial Accounting Standards Board (FASB) recently wrapped up its last major financial instrument project. The standards on classification and measurement and credit impairment will have the greatest effect on financial institutions with…

FASB has issued a second question and answer document that covers a number of issues related to the CECL model. Read on for questions related to reasonable and supportable forecasts and historical loss information.