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Late last week, the Financial Accounting Standards Board (FASB) issued a final standard related to the financial instrument impairment, comm
only referred to as the current expected credit loss (CECL) model. The Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments documents the largest accounting changes the financial institutions industry has seen in decades.
The new accounting standard applies to all banks, savings associations, credit unions, and financial institution holding companies, regardless of asset size. The effective dates for this new standard are as follows:
Due to the complexity of the standard’s requirements, Doeren Mayhew encourages financial institutions to begin planning the implementation of the new standard now. Rely on our Financial Institutions Group advisors to help interpret the standards, develop an implementation plan and foresee any impact it may have on your institution’s capital. Contact us today.
Stay tuned for information on upcoming Doeren Mayhew events discussing the new CECL standards.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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