CECL

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.