Global accounting body tells banks to use judgement over virus losses

LONDON (Reuters) - The International Accounting Standards Board said on Friday its rule forcing banks to provision for losses on loans should not be applied in a mechanistic way during the coronavirus epidemic. 'A number of assumptions and linkages underlying the way expected credit losses have been implemented to date may no longer hold in the current environment,' the IASB said in a statement. (Reporting by Huw Jones; Editing by Jon Boyle)

Reuters March 28, 2020 00:06:58 IST
Global accounting body tells banks to use judgement over virus losses

Global accounting body tells banks to use judgement over virus losses

LONDON (Reuters) - The International Accounting Standards Board said on Friday its rule forcing banks to provision for losses on loans should not be applied in a mechanistic way during the coronavirus epidemic.

"A number of assumptions and linkages underlying the way expected credit losses have been implemented to date may no longer hold in the current environment," the IASB said in a statement.

(Reporting by Huw Jones; Editing by Jon Boyle)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

Greek police clash with protesters in rally against mandatory vaccinations
World

Greek police clash with protesters in rally against mandatory vaccinations

ATHENS (Reuters) - Greek police used teargas and water cannon to disperse people who had gathered in central Athens on Saturday to protest against mandatory COVID-19 vaccinations. More than 4,000 people rallied outside the Greek parliament for a third time this month to oppose mandatory inoculations for some workers, such as healthcare and nursing staff.

Two Turkish soldiers killed in attack in northern Syria
World

Two Turkish soldiers killed in attack in northern Syria

ISTANBUL (Reuters) - Two Turkish soldiers were killed and two were wounded in an attack on their armoured vehicle in northern Syria, and Turkish forces immediately launched retaliatory fire, Turkey's defence ministry said on Saturday. "Our punitive fire against terrorist positions is continuing," the statement on Twitter on said. It did not specify where the attack occurred, but media reports said it was in the al-Bab area.

Brazilians take to streets again to demand Bolsonaro's impeachment
World

Brazilians take to streets again to demand Bolsonaro's impeachment

By Marcelo Rochabrun SAO PAULO (Reuters) - Protesters took to the streets in several Brazilian cities on Saturday to demand the impeachment of far-right President Jair Bolsonaro, whose popularity has fallen in recent weeks amid corruption scandals against the backdrop of the pandemic. This week, news broke that Brazil's defense ministry told congressional leadership that next year's elections would not take place without amending the country's electronic voting system to include a paper trail of each vote. Bolsonaro has suggested several times without evidence that the current system is prone to fraud, allegations that Brazil's government has denied