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The Financial Accounting Standards Board finalized new rules regarding credit losses, fundamentally changing how credit unions, banks and other financial institutions calculate their loan loss reserves.

In a release issued Thursday, FASB said the Current Expected Credit Loss rules, formally titled Accounting Standards Update No. 2016-13, require credit unions and other organizations to measure expected credit losses using historical experience, current conditions, and reasonable and supportable forecasts.

Tina Orem


Credit Union Times

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