Credit unions looking to learn more about the implementation of the current expected credit loss (CECL) standard can join two webinars Dec. 19, one from CUNA and one from the Financial Accounting Standards Board (FASB), the entity that issued CECL.
CECL is a new accounting standard that uses an “expected loss” measurement for the recognition of credit losses, and it will become effective Jan. 1, 2023, after CUNA/League advocacy led to a delay in implementation.
CUNA is concerned about its effect on credit unions, both from a compliance standpoint (credit unions have listed it as a top challenge) and its impact on the financial standing of credit unions.
CUNA will partner with FASB Dec. 19 for a webinar on CECL implementation. The webinar, scheduled for 11 a.m. to noon (ET) Dec. 19, will feature FASB staff discussing the basics of the CECL standard and a deep dive into FASB’s question-and-answer document on a certain methodology.
Also Dec. 19, from 1 to 2:40 (ET), FASB will conduct a webinar that will include an update on the board’s latest activities related to CECL. Registration is also currently open.