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October 06, 2017

FASB offer two methods for credit card receivable determinations under CECL

The Financial Accounting Standards Board, following is Oct. 4 meeting, handed down two methods that are acceptable for determining the estimated life of a credit card receivable under its current expected credit losses (CECL) standard.

Both of the following methods of determining the payment amount are acceptable, the board said:
  1. Include all payments expected to be collected from the borrower.
  2. Include only a portion of payments expected to be collected from the borrower.
NAFCU Director of Regulatory Affairs Alexander Monterrubio and Vice President of Research and Chief Economist Curt Long participated in a panel discussion last week on changes related to a credit union's allowance for loan and lease losses with the American Institute of Certified Public Accountants (AICPA).

The panel discussed the CECL model and what associations can do to help their members prepare for the change, which goes into effect for credit unions fiscal years beginning after Dec. 15, 2020. NAFCU still strongly believes that credit unions should not be included within the scope of the CECL standard.

Credit unions can learn more about some of the key qualities and trade-offs under various CECL implementation models in a study NAFCU released earlier this summer.

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