Poll: Disclosure reports take days or weeks to complete
Sageworks recently hosted a webinar, “ALLL” About Disclosure Reports: Key Issues to Know, featuring Sageworks experts and Ancin Cooley, principal of Synergy Bank Consulting. The webinar discussed FASB Accounting Standards Update (ASU) 2010-20 and the challenges that financial institutions face as a result. One of the challenges is that the new reporting process takes additional time and resources.
During the webinar, the following question was asked: How long does it take your institution to complete the disclosure reporting process? Over 130 institutions responded, with 70% saying that it takes at least a few days to complete these reports. The full poll results can be seen below.
For more information about the requirements and challenges surrounding disclosure reports, download the whitepaper titled: 6 Key Things to Know About Disclosure Reports. Slides and a recording of the webinar presentation are also available here.