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CECL Accounting Standard

  • CIA
  • CMA
  • CPA (US)
  • IAP
  • QIAL
CECL Accounting Standard

2 Credits

$20

Subject Area

Accounting

Webinar Qualifies For

2 CPE credit of Accounting for all CPAs

2 CPE credit for Certified Management Accountants (CMA)

2 CPE credit for Certified Internal Auditors (CIA)

2 CPE credit for Internal Audit Practitioner (IAP)

2 CPE credit for Qualification in Internal Audit Leadership (QIAL)

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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Course Description

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 webinar will help you to properly adapt 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.

Learning Objectives

  • 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.

Who Should Attend?

  • Business Owner
  • CEO
  • Certified Management Accountant
  • Certified Public Accountant
  • CFO/Controller
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Young CPA