Virus Triggers Special Session for Accounting Rulemaker (1)

The U.S. accounting rulemaker plans to meet April 8 to discuss pressing accounting questions related to the new coronavirus pandemic.

The Financial Accounting Standards Board didn’t mention the current expected credit losses (CECL) accounting standard by name in its announcement Wednesday evening. But the sudden intervention of Congress into the biggest change to bank accounting in decades is already a top concern for businesses and accountants.

The sweeping coronavirus relief package (H.R. 748) President Donald Trump signed Friday contains a provision overriding FASB’s deadline for new rules on estimating losses on souring loans. The legislation gives banks the ...