Message from Mike Percy, Managing Partner, Financial Services
Dear FIEB readers,
Is it really the last month of 2020? With all that this year has brought, I hope this message finds you, your friends, your family, and your colleagues safe.
From what we have observed, the top financial reporting issues heading into the fourth quarter are allowance for credit losses, under either CECL or the incurred loss model, closely followed by loan modifications. Also making the list are mortgage servicing rights, goodwill, and other intangible impairments. Concerns with securities impairments are at the bottom of the list, at least for now.
As we move through the fourth quarter, I wish you, your family, and your friends a delightful holiday season, whether it’s in person or virtually.