New accounting rules expected to hit US banks hardest
FASB’s Cecl rule could mean loss provisions for loans are three times higher compared with IFRS 9
Both international and US accounting standard-setters are moving towards faster recognition of credit losses, but US banks will find themselves significantly worse off than their international counterparts, say accounting experts.
The Current Expected Credit Loss (Cecl) rule, which was agreed by the US Financial Accounting Standards Board (FASB) on June 16, requires banks to set aside the full
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