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FASB Gets Pushback From Banks on CECL

February 1, 2019

The Financial Accounting Standards Board (FASB) held a roundtable discussion on its new credit losses standard, where it heard from banks, accounting firms, banking regulators and investor representatives, with some mid-tier banks asking FASB to reconsider some of its requirements. The credit losses standard is also known as the CECL standard, since it follows a Current Expected Credit Losses model that differs from the model adopted by the International Accounting Standards Board’s (IASB) financial instruments standard, IFRS 9, under International Financial Reporting Standards (IFRS). But some of the banks seem to wish that FASB had gone along with the IASB’s approach. Read more at Accounting Today.