CECL Implementation in 2020: Where does your bank stand?
Are you making progress in your CECL implementation journey?
In November 2019, the Financial Accounting Standards Board issued Accounting Standards Update 2019-10 which delayed CECL implementation, for all companies except SEC filers that are not smaller reporting companies, until fiscal years beginning after December 15, 2022. With relief in the CARES Act, institutions required to adopt CECL in the first quarter of 2020 were provided with an option to delay CECL implementation until the earlier of December 31, 2020 or the date on which the national emergency concerning COVID-19 terminates.
The BNN CECL Task Force is continuously monitoring regulatory news and updates related to CECL. As we continue to move towards implementation, we want to hear from bank controllers, CEOs, CFOs, CECL committee members, and anyone that is involved in CECL implementation at their institution about the challenges and questions they have, as well as to learn more about where they stand in the CECL implementation process.
We thank you for taking the time to share your thoughts and concerns about CECL. Individual responses to this survey are private and for BNN use only. We will not share your contact information with any third parties.