May 2016
The FASB finalized guidance related to the impairment of financial instruments. This standard modifies the existing “incurred loss” model for credit losses on financial instruments and creates a more forward-looking model that is likely to result in the need for companies to increase loan loss reserves. The following white paper provides information related to the guidance update and its impact on mortgage banking companies.
Some of these items predate Richey May’s restructuring to an alternative practice structure. Richey May is no longer a CPA firm. All Attest services are provided by Richey, May & Co., LLP.
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