FASB has officially issued an update to its CECL standard, delaying implementation for credit unions for fiscal years beginning after December 2021. CUNA strongly pushed for the delay for help credit unions come into compliance.
FASB approved Wednesday several CUNA-backed changes to its CECL standard. The board agreed to the changes during its regular open meeting. The final standard should be finalized and made public in mid to late fourth quarter.
CUNA recognized the improvements proposed by the Financial Accounting Standards Board in its CECL standard, CUNA wrote in response to a FASB proposal that would make several CUNA-backed changes to the standard.
The Financial Accounting Standards Board officially issued its proposal making several CUNA-backed changes to its current expected credit loss standard, first agreed to at its July board meeting. Comments will be due Sept. 19.
FASB agreed to propose a CUNA-advocated for change to its CECL standard at its Wednesday board meeting. Details of the proposed change have not been released, but CUNA expects the clarification will fully remedy the issue.
CUNA requested clarification on the effective date of the Financial Accounting Standards Board’s current expected credit losses standard for non-public business entities, which include state and federal chartered credit unions.
The NCUA, along with other federal financial regulators, updated a frequently asked questions document pertaining to the new current expected credit losses accounting standard, announced in a letter to credit unions.