CCUL Headlines: Compliance

Request for input: FASB-proposed CECL update includes delayed implementation for CUs

Wednesday, August 22, 2018   (0 Comments)
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CECL (Current Expected Credit Loss Methodology) is fast approaching and most credit unions have begun implementation, but agreed upon changes by CUNA and the Financial Accounting Standards Board (FASB) may grant credit unions a one-year extension.

FASB recently issued its proposal, which makes several changes to the CECL standard. The proposal would allow non-public business entities (non-PBE)—which is what state- and federally-chartered credit unions are considered—to implement CECL for fiscal years beginning December 15, 2021, including interim periods within those fiscal years.

The League requests that member credit unions submit comments and questions to VP of Regulatory/Compliance Counsel Jeanne Couchois by September 9, 2018.

 

Related News:

FASB Proposed Accounting Standards Update – August 20, 2018

FASB proposes CUNA-backed changes to CECL implementation

Sold-out CECL Symposium imparts valuable takeaways for attendees


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