CECL Financial Statement Disclosures — What’s Changing?

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The Current Expected Credit Losses (CECL) standard (ASC 326) was designed to provide greater transparency and understanding of credit risk by incorporating estimated, forward-looking data when measuring lifetime Estimated Credit Losses (ECL) and requires enhanced financial statement disclosures. The magnitude of change driven by the enhanced financial statement disclosures requirements under CECL is significant.

Here, Protiviti explains precisely which aspects of legacy U.S. GAAP and other related guidance are changing under the CECL standard and what your institution can do now to prepare for the initial deadline.

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