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Revenue recognition and lease accounting standards have had a big impact on financial institutions. But new standards on reporting expected credit losses may be even more significant for banks.
“This is much more related to a bank’s core business,” said Reza Van Roosmalen, a KPMG LLP managing director. “It’s the biggest accounting change I think that banks have been subject to in a long time.”
FASB’s expected credit loss standard, which was issued in June, changes the reporting requirements from an incurred-loss to an expected-loss approach and addresses concerns about financial... (more)
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