myCPE
myCPE

CECL Accounting Standard 2 Credits

Mar 21, 2024, 03:00 PM ET

CECL Accounting Standard 2 Credits

  • Richard Cascarino

    CRMA, CIA, CISM, CFE
  • Rating

    4
  • Reviewed on

    March, 2024
  • Subject Area

    Accounting

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  • Access the course at your convenience
  • Take the assessment test
  • Get your certificate
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  • Answer the polling questions
  • Get your certificate
Mar 21, 2024, 03:00 PM ET

Learning Objective

  • To discuss the overview of the CECL calculation under three widely recognized methods.
  • To analyze how the accounting change for classified loans is considered impaired under FAS #114 or for troubled debt restructured loans.
  • To investigate what data is needed to implement CECL.
  • To discuss how is this data gathered, how should an institution track it, and when should an institution start to gather the data.
  • To analyze what are the typical subjective adjustments used in the CECL calculation and what data and other information will be needed to support an institution’s adjustments.
  • To discuss what other information will be needed to justify your subjective adjustments and where can you obtain this information.
  • To list best practices and/or lessons learned from larger institutions that have already taken the steps to calculate CECL.
  • To discuss what are the regulator's expectations for banks and credit unions both before you are required to implement CECL and after.

Course Overview

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 postponed 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 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:

  • Overview of the CECL calculation under three widely recognized methods
  • How will the accounting change for classified loans considered impaired under FAS #114 or for troubled debt restructure loans?
  • What data is needed to implement CECL?
  • How is this data gathered, how should an institution track it, and when should an institution start to gather the data?
  • What are the typical subjective adjustments used in the CECL calculation and what data and other information will be needed to support an institution’s adjustments?
  • What other information will be needed to justify your subjective adjustments and where can you obtain this information? 
  •  Best practices and/or lessons learned from larger institutions that have already taken the steps to calculate CECL
  • What are the regulator's expectations for banks and credit unions both before you are required to implement CECL and after?

Podcast Credits

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On Demand Credits

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Additional Information

Credits

2

Course Level

Basic

Instructional Method

QAS Self Study
Group Internet Based

Pre-requisites

None

Advance Preparation

None

NASBA APPROVED

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.

About Instructor

Richard Cascarino
Richard Cascarino , CRMA, CIA, CISM, CFE

Founder, Richard Cascarino & Associates

  • 4.2
  • rating
  • rating
  • rating
  • rating
  • rating

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.

Richard Cascarino
Richard Cascarino , CRMA, CIA, CISM, CFE

Founder, Richard Cascarino & Associates

  • 4.2
  • rating
  • rating
  • rating
  • rating
  • rating

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.

On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars approved by NASBA and other regulatory bodies?

Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.

What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

How can I access my webinar completion certificates?

After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Ratings and Review

out of 5

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CBI

Clarence Baker Iii, CPA (US)

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

Kim Banks, CPA (US)

great learning experience.

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