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June 16, 2016
FASB issues final CECL standard
The Financial Accounting Standards Board today issued its final "current expected credit loss" standard – effective for credit unions beginning for fiscal years after Dec. 15, 2020 – one year later than originally planned for credit unions under a NAFCU-sought change approved in April.
"We are disappointed the board did not heed our call to issue an updated draft for public comment before finalizing this standard," said NAFCU President and CEO Dan Berger. "Credit unions still have reservations with the standard due to its impact on their operations and their ability to serve members."
In April, the board also voted to make certain disclosure requirements in the CECL standard optional for "non-public business entities," which include credit unions.
In February, Berger urged the board to issue an updated credit losses exposure draft and solicit additional public comments before finalizing the accounting standard. NAFCU also said that credit unions, as member-owned, not-for-profit cooperatives, should be entirely exempt from the credit losses project.
NAFCU is reviewing the final standard for its full impact on credit unions.
"We are disappointed the board did not heed our call to issue an updated draft for public comment before finalizing this standard," said NAFCU President and CEO Dan Berger. "Credit unions still have reservations with the standard due to its impact on their operations and their ability to serve members."
In April, the board also voted to make certain disclosure requirements in the CECL standard optional for "non-public business entities," which include credit unions.
In February, Berger urged the board to issue an updated credit losses exposure draft and solicit additional public comments before finalizing the accounting standard. NAFCU also said that credit unions, as member-owned, not-for-profit cooperatives, should be entirely exempt from the credit losses project.
NAFCU is reviewing the final standard for its full impact on credit unions.
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Add to Calendar 2022-09-29 14:00:00 2022-09-29 14:00:00 Coming Soon: CECL This is a deep-dive refresher into the requirements of the Current Expected Credit Losses (CECL) standard. ASC 326 (CECL) is the most significant accounting standard to impact credit unions in many years. Your credit union should be prepared to adopt CECL in 2023 – this will be an effort to make sure you have a sound calculation, appropriate accounting policies and sufficient disclosures. In this Coming Soon: CECL webinar, you’ll get a baseline understanding of the accounting decisions required by the standard, with a focus on those that have tripped up earlier adopters; lessons learned from previous adopters; best practices and key items to consider for your model on a go-forward basis. Key Takeaways Understand requirements of the CECL standard Analyze lessons learned and best practices from previous adopters Evaluate key items to consider for future maintenance of the CECL model(s) Register Now$295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until September 29, 2023.Go to the Online Training Center to access the webinar after purchase » Who Should Attend Presidents and CEOs CFOs Accounting titles NCRMs Risk titles Education Credits NCRMs will receive 1.0 CEUs for participating in this webinar CPA credit information is below; recommended 1.0 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Senior Associate Director of Education, NAFCU Learning Objectives: See key takeaways Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.0 credits Recommended Field of Study: Accounting – Technical About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, DC. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU digital@nafcu.org America/New_York public
Coming Soon: CECL
Credits: NCRM, CPE
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