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The Effects of the Coronavirus on CECL Disclosures under Topic 326  

CATEGORY: Accounting & Auditing
  Nano Learning
0.2 CPE Credits
Level: Overview

As of January 1, many public entities began to apply the current expected credit loss (CECL) model under Topic 326, Financial Instruments-Credit Losses. Due to the pandemic, stakeholders are concerned about losses.

The coronavirus pandemic has placed an economic strain on the world. The effective dates for CECL may be affected by the pandemic. For example, the President approved a coronavirus relief package. Buried within is a provision aimed at pushing back the effective dates of the CECL model for banks, at least until the pandemic ends or December 31, 2020 (whichever happens first).

Disclosures are critical to help stakeholders understand the effects of the coronavirus, in particular, for credit losses. This course explores considerations when describing your accounting for CECL in the times of the coronavirus. This overview course may be appropriate for professionals at all organizational levels.

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