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Coming on the heels of stakeholder’s concerns, the Financial Accounting Standards Board (FASB) discussed feedback received from the Credit Losses Transition Group, which proposed making a number of amendments to guidance related to credit losses, derivatives and hedging, and the recognition and measurement of financial assets and liabilities.
As you consider the application of CECL to your loans and investments, consider these factors that are out for public comment until Dec. 19, 2018:
If approved, these clarifications would go into effect for non-public business entities on the same dates as the applicable standard.
For more information on how these factors may impact your CECL model and its application, contact Doeren Mayhew’s financial institutions advisors.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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