Banking agencies issue final rule implementing US GAAP’s current expected credit losses methodology

January 11, 2019

In late December 2018, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the Agencies) issued a final rule (the Final Rule) addressing pending changes to credit loss accounting under US generally accepted accounting principles (US GAAP), including implementation of the current expected credit losses methodology (CECL) developed by the Financial Accounting Standards Board (FASB) in June 2016.

Read the full article on: Arnold & Porter

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