Compliance: CECL implementation delay made official by FASB

The Financial Accounting Standards Board (FASB) has officially issued an update to its current expected credit losses (CECL) standard, delaying implementation for credit unions for fiscal years beginning after December 2021. CUNA strongly pushed for the delay for help credit unions come into compliance.

Specifically, the update from FASB mitigates transition complexity by requiring non-public business entities (which includes credit unions) to implement it for fiscal years beginning after Dec. 15, 2021, including interim periods within those fiscal years.

This is a delay of one year, as non-PBEs would have originally been required to implement the standard for fiscal years beginning after Dec. 15, 2020.

 

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