News Release 10/21/19

FASB Announces Upcoming CECL Implementation Workshops


Workshops Are Tailored to Community Banks and Credit Unions

Norwalk, CT, October 21, 2019—The Financial Accounting Standards Board (FASB) today announced upcoming workshops designed to help community banks and credit unions of all sizes implement the standard on current expected credit losses (CECL).

The CECL Implementation Workshops are a series of 90-to 120-minute interactive sessions presented by FASB staff experts at various conferences and other venues around the country.  The workshops focus on credit loss reserve estimation techniques, including the weighted average remaining maturity (WARM) method; answers to frequently asked questions; and other common implementation issues banks may face.
 
Event Date Location
AICPA Conference on Credit Unions 10/22/2019 Nashville, TN
California and Nevada Credit Union Leagues—REACH 2019 10/28/2019 Monterey, CA
Federal Reserve Bank of Philadelphia - CFO/CPA Roundtable (closed session) 11/19/2019 Philadelphia, PA
FASB CECL Forecasting Webinar—Credit Union National Association (CUNA) 12/19/2019 Webinar

The FASB is also collaborating with the Conference of State Bank Supervisors to hold workshops in participating states based on each state’s training needs. Additional venues for 2020 in other states will be announced in the coming months. New sessions will be announced on the FASB website as more information becomes available.

“The FASB is committed to ensuring community banks, credit unions, and lending institutions of all sizes can successfully implement the credit losses standard,” stated FASB Chairman Russell G. Golden. “To support their success, FASB staff experts are taking our CECL Implementation Workshops to conferences and other gatherings of these institutions throughout the United States. It’s yet another way we’re promoting a smooth transition to the standard for all.”

Recent CECL workshops were presented at the 2019 CUNA CECL School (September 6, in Tempe, Arizona) and at the AICPA National Conference on Banking and Savings Institutions (September 9, in Washington, DC).

 

About the Financial Accounting Standards Board

Established in 1973, the FASB is the independent, private-sector organization, based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard setter for public companies. FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the FASB. For more information, visit www.fasb.org.