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Lender accounting for COVID-19 loan modifications

Hot Topic | June 2020

Latest edition: Accounting considerations for COVID-19 loan modifications, including guidance on TDR determinations.

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Lenders are providing relief to borrowers in consideration of the economic disruption caused by COVID-19. 乐鱼（Leyu）体育官网 explains how to account for loan modifications, including whether they result in the loan being a troubled debt restructuring (TDR).

Applicability

  • Companies that modify loans measured at amortized cost

Relevant dates

  • Effective immediately

Key impacts:

  • Accounting for loans due to COVID-19 depends in part on whether they represent troubled debt restructurings (TDRs). The CARES Act and a joint statement issued by federal banking regulators (Interagency Statement) may affect whether a lender accounts for a loan modification as a TDR.
  • When a loan modification that is not a TDR includes a period of low (or no) interest, the lender may 鈥� but is not required to 鈥� limit interest income recognition if it would cause the loan鈥檚 carrying amount to exceed the amount at which the borrower could settle the loan.

Report contents

  • Background and impacts
  • Whether to account for a loan modification as a TDR
  • Determining whether a modification results in a new loan
  • Recognizing interest income during a payment holiday
  • Expected credit losses
  • Disclosure considerations
  • Evolving information

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Coronavirus

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Financial reporting impacts of COVID-19

Guidance, updates and news covering financial reporting impacts of COVID-19

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Resource
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Handbook: Credit impairment

Latest edition: Our updated guide to the accounting, presentation and disclosures of CECL

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Accounting Research Online

Access our accounting research website for additional resources for your financial reporting needs.

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Some or all of the services described herein may not be permissible for 乐鱼（Leyu）体育官网 audit clients and their affiliates or related entities.

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. 乐鱼（Leyu）体育官网 LLP does not provide legal services.

The information contained herein is not intended to be 鈥渨ritten advice concerning one or more Federal tax matters鈥� subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.

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