CUNA will partner with the Financial Accounting Standards Board (FASB) for a Dec. 19 webinar on the current expected credit loss (CECL) standard, one of several CECL implementation workshops hosted by credit union organizations. FASB recently approved delaying CECL implementation for credit unions to January 2023.
CECL is a new accounting standard that uses an “expected loss” measurement for the recognition of credit losses.
The CECL Implementation Workshops are a series of 90-to 120-minute interactive sessions presented by FASB staff experts at various conferences and other venues around the country. The workshops focus on credit loss reserve estimation techniques, including the weighted average remaining maturity (WARM) method, answers to frequently asked questions and other common implementation issues credit unions may face.
The California and Nevada Credit Union Leagues will also conduct a workshop Oct. 28 at its REACH 2019 Conference.
NCUA, along with the Federal Reserve, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency, issued a request for comment last week on a proposed interagency policy statement on allowances for credit losses.
Questions about CECL can be directed to CUNA Senior Director of Advocacy and Counsel Luke Martone at email@example.com.