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"Preparing for CECL"

Jennifer Henning
CFO, Class Act FCU

In June of 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2016-03 – Financial Instruments – Credit Losses (Topic 326). This accounting update will have a substantial impact throughout the credit union industry. In particular, it necessitates considerable changes to the current calculation of Allowance for Loan and Lease Losses (ALLL). Additionally, the initial transaction could trigger significant declines in a credit union’s net worth position. Join us for a discussion that will cover what CECL is, why it came about, and one Credit Union’s real world path to compliance.