Coronavirus and CECL: Novel Threats and New Accounting
The difficulty of containing the spread of the novel coronavirus (and the resulting disease, COVID-19) is putting pressure not only on human health but also on delicate global, social, and economic networks. The nature and timing of this event presents an interesting, specific case to examine the strengths and weaknesses of the legacy and new accounting standards.
Read to learn:
- The potential economic impacts of the coronavirus
- Comparisons of the accounting treatment for credit losses under legacy and current guidance
- Estimation approaches for this or any other exigent circumstance