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August 2020 » CECL Encounters a ‘Perfect Storm’
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Arianna S. Pinello, PhD, CPA, CIA, and Ernest Lee Puschaver, CPA
In BriefAfter years of deliberation and comment, FASB's long-awaited standard on accounting for credit losses, in the form of ASU 2016-13, was finally issued in 2016 and became effective in 2020. The implementation of this complex and controversial standard has coincided with the unprecedented COVID-19 pandemic and historical macroeconomic uncertainty—a “perfect storm” of factors. This article reviews recent disclosures to analyze the impact the new guidance has had on reporting for credit losses.
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