EY Accounting technical podcast
An overview of the FASB’s new credit loss standard
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In our podcast, Danielle Austin, Saba Khan and Tom Yurcisin discuss the FASB’s new credit loss standard that requires entities with financial instruments carried at amortized cost (including trade receivables, held to maturity securities and loans) to recognize an allowance that incorporates lifetime credit losses. The new standard also changes the accounting for available for sale securities. The new standard affects all industries, and will likely have disclosure and operational implications. Entities need to begin gathering the information they will need to implement the new guidance and carefully consider what changes they will need to make to their data governance, information technology systems, policies, business processes and internal controls.