Your organization might be grappling with what, if any, steps you should take to evaluate the accrual status of loans deferred in response to the COVID-19 pandemic and to assess the collectability of related accrued interest receivable balances. Our report offers some observations to help you develop an approach to this evaluation.
What to expect from accrued interest receivable balances in the wake of the COVID-19 pandemic
In our report, we address numerous issues and topics that your organization may face in the wake of the COVID-19 pandemic. These topics include:
- Comparing the CARES ACT vs. Interagency Statement modifications
- Determining the past due status of a loan if a financial institution agrees to a payment deferral
- Assessing the collectability of accrued interest receivable balances
- Establishing whether a loan should be reported as accrual or nonaccrual
- Exploring the similarities and differences between allowance for credit losses (ACL) and allowance for loan and lease losses (ALLL)
- Is interest receivable an asset?
It’s challenging to stay in the loop with the changing requirements particular to your industry. Crowe financial advisors have their fingers on the pulse of the current situation, so you can focus on running your organization. Whenever you need guidance, we’re here to assist you anytime, from anywhere.
Let Crowe help you with the tricky financial reporting issues in 2021 and beyond.
