The Discount Rate Used in the Current Expected Credit Loss Standard Creates Accounting Losses Where There Are No Economic Losses
研究发现美国CECL会计准则使用合同利率而非门槛利率折现预期现金流，导致在无经济损失时产生会计损失，影响银行资本和贷款行为。
The Current Expected Credit Loss (CECL) Financial Accounting Standards Board (FASB) standard that goes into effect for major banks in 2020 contains a serious conceptual error. Using the contractual rate rather than the hurdle rate (the competitive rate on a loan for which there is no expected loss) as the rate to discount expected cash collections gives rise to accounting losses where no economic losses exist. This can have a profound effect on required capital and hence lending, especially in economically depressed episodes.