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FRC Tweaks Auditing Standards For Bank Credit Losses

Law360 (December 12, 2018, 4:11 PM EST) -- The U.K.'s auditing watchdog on Wednesday issued new standards for scrutinizing a bank's expected financial losses, saying the rules take into account the growing importance and complexity of estimates in financial statements.

The new standards issued by the Financial Reporting Council would bolster auditors' role in reviewing estimates in forward-looking bank losses by encouraging firms to root out a company's perceived biases in public disclosures.

The rules go into effect next December and are meant to force auditors to work harder and make better risk assessments when assessing whether disclosures on financial instruments, insurance contracts and revenue are adequate. 

On Wednesday, Mike...

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