More than two years after the release of ASU 2010-20, bankers’ interpretation of the disclosure requirements has been inconsistent and ineffective due to quick implementation goals, ambiguous descriptions and lack of FASB-published documentation to discern the new requirements. Sageworks’ senior risk management consultants Ed Bayer and Regan Camp and Ancin Cooley, principal of Synergy Bank Consulting, discussed an overview of FASB's Topic 310 update and the key things banks and credit unions need to know about it. They also discussed enforcement moving forward, as well as ways to simplify the complex process.
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