CECL

The board approved proposals to delay the effective dates of its leases, credit losses, hedging and long-duration insurance contract standards.

To ensure entities have reliable and proper historical data accumulated when they implement CECL, they should start start cleaning up their data.

Small banks are likely to benefit from the proposed delay, allowing them to learn the lessons from larger banks that have already begun using the new rules.

The document can help auditors with the allowance for credit losses under the new standard for measuring credit losses on financial statements.

Moody’s Investors Service is objecting to a proposal from the Financial Accounting Standards Board to defer the effective dates of its leases, hedging and credit loss standards for private companies and small public companies.

The American Institute of CPAs’ Financial Reporting Executive Committee is offering some advice on issues related to the new credit losses standard.

The board wants to give private companies, nonprofits, and certain small public companies extra time to implement new standards on CECL, leases and hedging.

Private companies, nonprofits and some smaller public companies will get some extra time to get ready for major accounting standards, under a recent proposal.

The Financial Accounting Standards Board voted Wednesday to propose to delay some of its major accounting standards — including credit losses, leases, hedging and long-duration insurance contracts — for private companies, nonprofits and small reporting companies.

Much of the focus has been on banks and credit unions, but others may be hit by the new standard, too.

The Financial Accounting Standards proposed some minor adjustments Thursday to the credit losses standard, also known as CECL because of its use of a Current Expected Credit Losses model.

Data has always been the cornerstone of an accurate and compliant allowance for loan and lease losses (ALLL), and it will remain critical under the current expected credit loss model, or CECL.

The Financial Accounting Standards Board is considering giving privately held companies and not-for-profit organizations an extra two years to implement standards.

Many banks and financial institutions are encountering challenges in preparing for the Financial Accounting Standards Board’s credit losses standard, according to a new survey.

The Financial Accounting Standards Board is giving banks some leeway in applying the new credit losses standard.

The Center for Audit Quality has introduced a new guide to assist audit committees at overseeing their companies efforts to comply with the new credit losses accounting standard.

The Financial Accounting Standards Board released an accounting standards update Thursday to clarify three of its recent standards for credit losses, hedging, and recognition and measurement of financial instruments.

The financial institution expects to increase reserves by about $5 billion for implementation of the current expected credit loss standard.

The Financial Accounting Standards Board has made two decisions that will limit changes to the CECL standard ahead of implementation.

Financial institutions are scrambling to prepare for the imminent approach of the credit losses standard.