WASHINGTON—The Financial Accounting Standards Board (FASB) has issued an update with amendments to the current expected credit loss (CECL) standard.
In addition to technical clarifications, the update includes amendments related to measurement and presentation of available for sale debt securities within the scope of CECL, and clarifies guidance related to when an entity should include recoveries when estimating the allowance for credit losses, reported NAFCU.
Some of the amendments stem from FASB's Transition Resource Group meetings in June and November of last year, noted NAFCU, which attended those meetings.
NAFCU noted that the Federal Reserve Bank of St. Louis, along with other financial regulators, recently offered a webinar to help financial institutions prepare for CECL; it is available on-demand here. Financial regulators have also released a new CECL FAQ document to help institutions implement the standard.