CECL News You Can Use
**Please check our most recent blog post regarding the latest changes to the FASB deadlines.**
Following all of the information on the allowance and CECL has turned into a full-time job. We want to make it simple for you, so here is a compilation of research and articles from a variety of sources.
From Regulators
- Final FASB guidance on CECL (released June 16, 2016)
- Regulator Response to CECL (released June 17, 2016)
- Regulator FAQs on CECL (released December 19, 2016)
- FASB Timeline for CECL Implementation
Other Trade Sources
Here are some articles that we have researched from multiple sources regarding preparing for CECL.
- Banking Exchange article CECL Requires More than a Tweak based on ABA webinar (released February 9, 2017)
- Banking Exchange article CECL’s on Its Way (released January 4, 2017)
- Video from the ABA on CECL (released June 2016)
- Talk on Scope of CECL with Rahul Gupta | Partner, Grant Thornton and former FASB CECL Project Manager
Economic Data
Economic conditions and indicators point to an increasing ALLL and a more complex, difficult to manage allowance.
- Talk with Tom Cunningham (retired Senior Economist, Federal Reserve Bank of Atlanta
Conclusion
Bankers and credit union professionals agree that CECL brings a new set of challenges. The ABA calls CECL the biggest change to bank accounting ever. We continue to survey financial institution professionals on CECL preparations. Institutions are beginning to prepare for CECL, but are concerned about data.
