Banking & Capital Markets — Accounting and Financial Reporting Update (November 20, 2020)

The latest edition of our annual update highlights selected accounting and reporting developments that may be of interest to banking and securities entities. The COVID-19 pandemic and resulting economic downturn have presented specific challenges for the banking and capital markets sector in 2020, including government-sponsored lending through the Paycheck Protection Program, record levels of loan forbearances, increased market volatility, and the adoption or ongoing implementation of the new credit losses standard.