The Financial Accounting Standards Board issued an accounting standards update today to allow non-public business entities to implement CECL on Jan. 1, 2022, instead of Dec. 31, 2021, as originally required.

The American Institute of Certified Public Accountants’ financial reporting executive committee today issued a working draft of accounting issues related to the implementation of the Current Expected Credit Loss standard.

In a letter to Treasury Secretary Steven Mnuchin yesterday, ABA and 52 state bankers associations called for a quantitative impact study to assess the full effects of the Financial Accounting Standards Board’s Current Expected Credit Loss standard on bank capital.

In a comment letter to the Financial Accounting Standards Board today, the American Bankers Association offered support for a proposal that would allow non-public business entities to implement CECL on Jan. 1, 2022.

The Financial Accounting Standards Board today issued an exposure draft of an accounting standards update that would make technical corrections to the Current Expected Credit Loss accounting standard.

Implementation deadlines may seem distant but they’re looming now.

Responding to a concern initially raised by the American Bankers Association in a discussion paper, the Financial Accounting Standards board agreed today to propose changing the effective date of the Current Expected Credit Loss accounting standard for “non-public business entities” to fiscal years beginning after Dec. 15, 2021.

A new joint proposal from the Federal Reserve, FDIC and the OCC will give banks the option to phase in the regulatory capital effects of the Current Expected Credit Loss standard, the Federal Reserve announced today.

Representatives from 15 ABA member banks of all sizes met with the Federal Reserve, OCC, and FDIC yesterday to discuss concerns related to the impact of the Financial Accounting Standards Board’s Current Expected Credit Loss accounting standard.

A group of House lawmakers yesterday wrote to the heads of the Securities and Exchange Commission and the Financial Accounting Standards board urging them to more closely examine the effects of FASB’s Current Expected Credit Loss Standard on credit availability and calling for a delay to CECL’s effective date until such a study can be carried out.