In this Issue : July/August 2020

The coronavirus (COVID-19) pandemic has thrown the plans of nearly every individual, business, and organization into disarray. Accounting and auditing standards are often deliberated and redeliberated for years before they take effect, often with years-long implementation and transition periods. For entities in the midst of implementing major new standards, including the accounting for credit losses, COVID-19 has upended long-laid plans. The guidance requires economic forecasts upon implementation, a particularly challenging task at the current moment. Authors Arianna Pinello and Ernest Lee Puschaver review recent disclosures by selected large and small banks to discern the impact COVID-19 has had so far.

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