This was originally published on November 11, 2019. It was updated on October 15, 2020 to reflect additional guidance from the Financial Accounting Standards Board (FASB). It was updated again on May 25, 2022.
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Financial Institutions are ferociously preparing for the Financial Accounting Standards Board’s (FASB) Current Expected Credit Loss (CECL) implementation on January 1, 2023 for private institutions.
Implementation includes preparing data and CECL models, tweaking those models, updating policies, educating its governance structures, and validating the models. Future considerations include journal entries for implementation day, financial statement disclosures, and maintaining the model.
We know and help financial institutions of all sizes calculate lifetime expected losses. Whether you need a tool to determine if you have losses, or have recognized your losses and now need to implement the standard, our resources provide the latest information, key insights, and examples to help your team create a project plan that will meet compliance requirements.
Talk to someone who knows CECL.
On November 15, 2019, FASB updated the effective dates for implementation of the CECL standard to the following:
- Large accelerated and accelerated filers - Annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years.
- All other entities - Annual reporting periods beginning after December 15, 2022, including interim periods within those fiscal years.
***Note: Early adoption is permitted for fiscal years beginning after December 15, 2018.