We use cookies to improve your experience and optimize user-friendliness. Read our privacy policy for more information on the cookies we use and how to delete or block them. To continue browsing our site, please click accept.
Winning Back-Office Strategies to Boost Your Business Agility
VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
On July 20, 2022, the National Credit Union Administration (NCUA) issued an accounting alert modifying an initial alert issued on March 9, 2022, in reference to the effective date of the current expected credit losses (CECL) standard. In this alert, the NCUA announced credit unions may implement CECL based on its audited financial reporting year. For example, a credit union with a financial statement reporting year ending Sept. 30, 2023, will implement CECL on Oct. 1, 2023.
CECL becomes effective for all credit unions, including federal and federally insured state-chartered credit unions, for fiscal years beginning after Dec. 15, 2022.
As your credit union continues to navigate through the implementation process, you may want to leverage an outside advisor to help evaluate your progress and also provide direction on the steps ahead. Doeren Mayhew has worked with credit unions of all sizes to help take them from concept to implementation. Contact us today to learn more about our CECL implementation advisory services to help ensure your credit union is properly positioned to meet the approaching deadline.
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.
A quick registration is required to view our resources.
You will only be asked to do this one time (unless you don't save your browser cookies).