NCUA releases new updated CECL FAQs, Simplified CECL Tool

The NCUA has released updates to its frequently asked questions on the current expected credit losses (CECL) accounting standard and its Simplified CECL Tool.

Visit The Simplified CECL Tool page to download the latest version of the CECL Tool. Review the Frequently Asked Questions, User Guide, and Model Development Document located on the same webpage to better understand how the tool can work.

The CECL GAAP FAQs address common credit union topics including:

• CECL implementation date for supervisory committee audits and agreed-upon procedures engagements;

 

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