Due to the coronavirus outbreak, it is highly likely that more borrowers will be unable to adhere to the terms of their loans. They will experience business and production disruptions, supply-chain interruptions, negative impacts on customers, volatility in the equity and debt markets, reduced revenue and cash flows, and other economic consequences.
If your institution has not yet adopted the CECL model, you must identify trigger events that cause loans to become impaired.
There are GAAP accounting issues that will affect your borrowers’ financial statements during the COVID-19 pandemic. Understanding these factors could help your loan workout group assess the loan modifications that would most effectively help borrowers.
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