Hoogervorst reflects on IFRS growth as term nears end at IASB

International Accounting Standards Board chair Hans Hoogervorst is looking back at the growth of International Financial Reporting Standards as his decade running the IASB is set to end this month.

Hoogervorst, a former finance minister from the Netherlands, will be stepping down on June 30 and will be succeeded on July 1 by Andreas Barckow, an accounting professor who has been president of the Accounting Standards Committee of Germany since 2015 (see story). Hoogervorst, who became IASB chair on July 1, 2011, spoke at an IFRS Foundation virtual conference Thursday about how the IASB has strengthened financial reporting requirements by introducing several new IFRS standards — including for revenue recognition, loan losses, leases and insurance contracts — as well as consolidated the ways that companies report around the world. IFRS standards are now required in more than 140 jurisdictions.

“The excitement around IFRS that greeted me 10 years

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KKR Real Estate Finance Trust Inc. — Moody’s assigns first-time Ba2 backed senior secured rating to KKR Real Estate Finance Trust’s Term Loan B; outlook stable

Rating Action: Moody’s assigns first-time Ba2 backed senior secured rating to KKR Real Estate Finance Trust’s Term Loan B; outlook stable

New York, July 27, 2020 — Moody’s Investors Service, (“Moody’s”) has assigned a first-time Ba3 corporate family rating to KKR Real Estate Finance Trust Inc. (KREF) and a backed Ba2 rating to the company’s senior secured term loan B, issued by subsidiary KREF Holdings X LLC. The outlook for both entities is stable.

The rapid and widening pandemic and corresponding deterioration in the global and US economic outlooks are leading to significant declines in commercial activity, eroding the financial strength of a wide swath of enterprises, including commercial real estate owners and operators, the subject of KREF’s lending activities. As a result, Moody’s expects deterioration in asset quality, profitability and capital in 2020 across the non-bank commercial real estate lending sector.

KREF’s Ba3 corporate family rating reflects the company’s … Read More

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