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Tuesday, December 20, 2016

Federal Regulatory Agencies Issue CECL FAQs

The federal regulatory agencies have published an FAQ document on the Financial Accounting Standards Board's Current Expected Credit Loss standard. The FAQs summarize key elements of the new standard, highlight changes to U.S. generally accepted accounting principles, provide regulatory perspective on CECL processes and methodologies and outline steps banks can take to prepare for implementation. CECL will be effective in 2020 for SEC registrants and in 2021 for all others.

As banks work to transition to the new standard, ABA has made available a number of resources to help bankers gain a practical understanding of the financial and operational implications of CECL. These resources include a backgrounder document on the standard, recordings of previous CECL webinars and the ABA CECL Network, where banks can share information and address issues that arise as they begin implementation. The network, which has more than 570 ABA members registered, includes exclusive training material and forums where bankers can exchange ideas on data needs, core service providers, third-party providers and more.

View the agency FAQs.
View ABA’s CECL Resources.

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