The COVID-19 pandemic is affecting economic and financial markets. As efforts are made to address the impacts of the pandemic, virtually all industries and governments are facing challenges from the resulting economic conditions.
Among the challenges are several COVID-19-related accounting implications, including the determination of expected credit losses under the new CECL standard.
The Current Estimated Credit Loss Model (CECL) is considered the biggest change to hit the banking and credit union industries.
Although the standard has been delayed to the first quarter of 2020 for public business entities that file with the Securities and Exchange Commission, 2021 for all other public business entities as this term is defined under the accounting standards, and 2022 for all remaining banks and credit unions this is a standard that you need to understand now and start the process for implementation.
CECL is going to require your institution to gather data that you currently don’t track in your data processing system.
For you to be able to properly adapt the standard you need to start inputting this data into your system now. To the extent, you are originating loans before the required implementation you need to know the effect CECL will have on your allowance for loan losses calculation so that you can build that additional cost into your loan pricing models. Lastly, you should understand the effect that CECL will have on your capital position so that you adjust your growth and dividend plans over the next couple of years if necessary.
This CPE Accounting Webinar will help you to properly adapt to the standard.
Accounting standards implementation is often a finance-only effort, but not CECL. It has many governances, modeling, credit analysis, information technology, and financial reporting interdependencies.
Key topics discussed in this webinar:
Founder, Richard Cascarino & Associates
Richard Cascarino has, for the last thirty-three
years, been providing Internal Audit, Fraud Audit, IS Audit Consultancy, Risk
Management and Corporate Governance consultancy as well as Professional
Development services to clients throughout the United States of America, the
African region, Europe and the Middle East. These include Central Banks
and Financial Institutions, some of the largest corporations, government
departments, auditors general, and professional bodies in their respective
countries.
He is also a visiting Lecturer at the University of the Witwatersrand, lead author of the book Internal Auditing - an Integrated Approach, published by Juta Publishing. In addition, he is the author of the Auditor's Guide to IT Auditing and Corporate Fraud and Internal Control: A Framework for Prevention" published by Wiley
Publishing He is also a contributor to QFINANCE – The Ultimate Resource
published by Bloomsbury.
Course Level
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Pre-requisites
Advance Preparation
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.
CBI
Excellent presentation and wealth of knowledge in the international market place. This is a challenging topic, but the instructor provide simple terms for improved understanding.
KB
great learning experience.
KM
Great webinar!
AT
Great value.
YJ
good course.
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