‘Are we nearly there yet?’ Banks navigate ESG loan accounting

Lenders ask standards boards for guidance on how rules should be applied

Like a driver at night struggling to make out faraway shapes with their headlights, accounting standards boards have always tried to predict the financial products that will be coming down the road.

Over recent decades, the Financial Accounting Standards Board (FASB) in the US and the International Accounting Standards Board (IASB) have devised standards that they felt could apply to a broad range of products. However, they did not foresee the rise of loans linked to environmental, social

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