December 2019
The change in accounting for credit losses known as CECL (current expected credit loss) has been delayed by the Financial Accounting Standards Board (FASB). With the new date of January 2023, smaller public companies and small banks have more time to prepare. Larger financial institutions that have already begun to implement the new standard provide some valuable lessons, and the delay allows an opportunity to leverage that knowledge and prepare your systems to collect better, more complete historical data, which is needed for CECL.
