COLUMBUS, Ohio—Corporate One FCU has partnered with Accolade Asset/Liability Advisory Services to offer a webinar series presented by accounting firm Crowe Horwath LLP.
This live, five-part series on the Financial Accounting Standards Board’s (FASB’s) new current expected credit loss (CECL) model is a complimentary series open to all credit unions.
“One of the main ways we help our members succeed is by offering timely, quality education from the best industry experts out there,” said Lee Butke, CEO/president of Corporate One, in a statement. “Crowe Horwath has been our trusted advisor for years. They have a deep understanding of credit unions’ needs and possess an expert grasp on the upcoming reporting changes.”
Corporate One said that for financial institutions, the FASB’s issuance of ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which begins to go into effect in December 2019, is the most significant financial reporting change in decades. The new rules transform credit-risk management from the current reactive, reduce-loan-loss impact approach to a more proactive, preventative approach, the CU stated.
“Beginning April 12, each of the five webinars will analyze an important aspect CECL financial institutions need to understand to remain compliant and successful,” said Chad Kellar, partner at Crowe Horwath LLP. “Topics include risk identification, data inventory, modeling approaches, and qualitative factors and reasonable and supportable forecasts. We’re looking forward to addressing many of the questions we’ve been getting from financial institutions.”
The webinar series will also discuss how to form a “CECL committee,” which should include staff from the following departments: audit, accounting, lending, IT, and risk. The overall goal of the webinar series is to break down the in-depth CECL rules into an easy-to-understand format and help financial institutions’ internal departments identify how to collaborate with each other.
For more info: www.corporateone.coop/events