FASB Announces CECL Roundtable

In response to ongoing feedback from bankers and ABA staff related to FASB’s Current Expected Credit Loss impairment accounting standard, FASB Chairman Russ Golden informed ABA’s Rob Nichols that the organization will hold a public roundtable during the first quarter of 2016 that will include community bankers, regulators and auditors to address misconceptions and other concerns about the CECL model. The CECL standard is expected to be issued by the end of the first quarter of 2016, with an effective date of 2019 for SEC registrants and 2020 for all others.

ABA has voiced concerns to both FASB and regulators on the complexities of CECL and also recently held a webinar on the various issues that must be addressed in implementing the new standard. For more information, contact ABA’s Mike Gullette.