The OCC, FRB, FDIC, and NCUA have published additional frequently asked questions (FAQs) to assist financial institutions and examiners with the new accounting standard, Accounting Standards Update (ASU) 2016-13, Topic 326, “Financial Instruments–Credit Losses” (ASU 2016-13), issued by the Financial Accounting Standards Board (FASB) on June 16, 2016. There are nine additional questions, updated responses to four existing questions, and a new appendix with links to relevant resources that are available to banks to assist with implementation of the current expected credit losses methodology (CECL).
For additional information:
- An article entitled Agencies Delay CECL Effective Date is available here.
- A copy of the 43-page updated CECL FAQ document is available here.