FASB Hints at a CECL Delay
In a recent American Banker interview FASB Chair Russ Golden defended the new accounting standard but also hinted at a possible delay in the implementation for smaller financial institutions and community banks. The article also mentions additional resources and guidance to assist these institutions with better information and guidance which is meant to alleviate some of the CECL fears.
As always, there is no guarantee this delay will occur but we at CLA wanted to bring it to your attention that the possibility is out there. FASB is expected to continue these discussions at upcoming meetings.
Neil is a principal in our banking practice. He has more than 25 years of experience in the banking industry, which includes nine years in the private sector. His private industry experiences range from cashier to chief financial officer; however, his strengths are in both the operations and lending areas of community banks. Neil has led some of the firm’s largest bank external and internal audit and FDICIA engagements. Neil also assists clients with other projects such as merger and acquisition transactions and capital planning.
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