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Heads Up — Frequently asked questions about troubled debt restructurings under the CARES Act and interagency statement

Published on: 08 Jul 2020

This Heads Up provides answers to various questions about temporary relief from the accounting and disclosure requirements in U.S. GAAP for troubled-debt restructurings that entities have been offered under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and the “interagency statement” issued by a group of banking regulators.

Originally issued on 15 April 2020, this Heads Up has been updated several times to reflect recent developments related to the CARES Act. The 8 July 2020 update (1) adds Q&As on the application of CARES Act/interagency guidance to interest rate modifications to loans and (2) amends a Q&A on the recognition of interest income on modified loans if interest does not accrue on deferred payment obligations of the borrower.

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