Corona crisis triggers global retracement on bank accounting standards

Tyler Davies

March 27, 2020 12:00 pm

US_coronavirus_stimulus_PA_575x375_270320 — United States President Donald J. Trump departs the podium after speaking on the COVID-19 (Coronavirus) pandemic, alongside US Vice President Mike Pence and Director of the National Institute of Allergy and Infectious Diseases at the National Institutes of Health Dr. Anthony Fauci and a member of the White House Coronavirus Task Force, in the Brady Press Briefing Room at the White House in Washington, DC, March 25, 2020, in Washington, D.C. Congress is finishing final negotiations on a $2 trillion stimulus package, the largest in U.S history, designed to stabilize the U.S. economy and directly assist individuals in the sudden economic downturn causes by the rapidly intensifying coronavirus crisis. Credit: Sarah Silbiger / Pool via CNP | usage worldwide | Sarah Silbiger/DPA/PA Images

Market participants are already questioning the legitimacy of new ‘expected loss’ accounting rules, with the eurozone, the UK and the US having all now softened the application of their standards for banks during the coronavirus crisis.

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Tyler Davies