The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) contained certain provisions offering relief from the requirements of certain generally accepted accounting principles in the United States (GAAP) for troubled debt restructurings (TDRs). Additionally, a group of banking agencies, in collaboration with the Financial Accounting Standards Board (FASB), issued a statement discussing practical expedients for evaluating whether loan modifications in response to COVID-19 are TDRs. The Interagency Statement, as revised, is important for lenders to understand because, under certain circumstances, it alleviates the burden of accounting for TDRs.
Published by Oklahoma Coalition for Affordable Housing
The vision of OCAH: That all Oklahomans have the opportunity to live in safe, healthy and affordable homes. Our Mission: To lead the movement to ensure that all residents of the state of Oklahoma flourish in safe, affordable homes and to help communities develop safe and affordable housing options for all of their residents. We reach our mission through advocacy, education and practical training to foster the production and maintenance of affordable housing throughout the state. View all posts by Oklahoma Coalition for Affordable Housing