CECL is coming — Are you prepared?
CECL is the Financial Accounting Standards Board's (FASB) new accounting standard that will change how financial institutions account for expected credit losses. While FASB has agreed to extend the implementation date from January 2022 to January 2023, the current expected credit loss (CECL) model still requires much preparation and planning, especially by small credit unions.
The Carolinas Credit Union League's Credit Union Accounting Services Department stands ready to help credit unions begin the process and stay on track, ensuring success and fewer compliance issues.
CU Accounting Services offers several resources to help credit unions begin and track the implementation process.
- CECL: Planning & Preparing Webinar - Watch this recording from the July 30, 2019, webinar for an in-depth look at the timeline, methodologies, and data samples for CECL. The password for access is: UqV7hiWs. Follow-up webinars will be held June 2020, June 2021, and June 2022. The presentation slides are also available here.
- CECL Timeline - This printable guide serves as a visual for credit union CECL committees and individuals to track their progress.
- CECL Worksheet - This Excel worksheet is representative of what the NCUA looks for when gauging a credit union's progress with CECL implementation. Credit unions can update this worksheet and include comments with each step as they reach the CECL finish line!