An Updated Look at CECL
The deadline for implementing Accounting Standards Update 2016-13, known as CECL, has arrived. Given the magnitude of the changes, FASB issued several subsequent amendments to clarify implementation and transition issues that are reflected in this white paper. This paper also includes issues discussed at FASB’s Transition Resource Group meetings, banking regulator speeches, webinars and public documents, and American Institute of CPAs (AICPA) guidance. Are you up to speed on these details for a smooth transition?