Charles Soranno and Ariste Reno, Protiviti Managing Directors
On October 6, 2019, the Financial Accounting Standards Board (FASB) approved the final deadlines for the implementation of four major accounting standards, including Current Expected Credit Loss (CECL). With deadlines having just passed, financial institutions should be finished with their implementation efforts. Year-end financial statements for accelerated filers are due in early 2020 and are likely to be reviewed by regulators a couple of months after that.
For the smaller institutions that have until the end of 2022 to comply, this article provides a quick checklist to go over to ensure that the CECL transition goes as smoothly as possible.