Adopting CECL Accounting for 2023? 5 Myths about the Change
For financial institutions adopting the current expected credit loss, or CECL, accounting standard in 2023, the next 26 months will pass quickly. As these banks and credit unions work to identify and gather relevant loan-level data and select a methodology for calculating the allowance for credit losses, or ACL, they must also deal with coronavirus-related... Read more »
CECL Tips for Financial Institutions Complying in 2023
With a little less than three years until private banks and credit unions must comply with the current expected credit loss (CECL) standard, making strides toward implementation may fall to the bottom of a 2020 priority list. As we move along in 2020, large SEC filers are already beginning to disclose the impact that CECL... Read more »
FASB Hosting CECL Workshops as Implementation Moves Ahead
FASB is hosting CECL workshops around the U.S. in coming months, reinforcing its commitment to the upcoming current expected credit loss standard, or CECL.
Responsible for the ALLL and CECL? Make the Most of ThinkBIG 2019
For financial institution staff with responsibilities related to CECL and the ALLL, or for those who want to know more about how CECL will impact the institution, 2019 ThinkBIG is the one conference this year to attend. And once you’re registered, it’s important to have a strategy for getting the most from the conference.
CECL Lessons Learned
By: Chris Emery Director, Strategy, and Engagement Abrigo At Abrigo, many of us eat, sleep and breathe CECL. Since the very inception of the concept of an expected loss standard back in 2012, Abrigo professionals have been paying close attention to the Financial Accounting Standards Board (FASB). The new accounting standard changed quite a bit... Read more »
What if your CECL results aren’t what you expected?
Financial institutions across the country are now actively preparing for the ALLL transition from the incurred loss to expected loss models. By now, most banks and credit unions are well aware of the methodology options under CECL. However, many are still having challenges interpreting results from their modeling exercises.
The biggest initial impact of CECL on financial institutions
Most financial institutions understand CECL, and more specifically applying the CECL model to their loan portfolio, represents the most significant accounting change for financial institutions in recent memory. However, there is less comfort over how the standard will specifically affect each institution.
Discover These CECL Training Resources for Banks and Credit Unions
With implementation of the current expected credit loss model, or CECL, quickly approaching, banks and credit unions can benefit from resources and CECL training to help make the transition in their allowance for loan and lease loss calculations.