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CECL Accounting Standard

  • Accountant
  • CPA/ABV
  • CPA/CFF
  • CFE
  • CGFM
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • CFA
  • IAP
  • QIAL
  • CIPM
  • CBA/MCBA
  • FPAC
  • CFIRS
  • CWS

Published: February, 2022

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Purpose of CECL
    14 mins
  • Possible improvements under CECL
    24 mins
  • CECL: Expected credit losses over life of loan or portfolio
    34 mins
  • Factors when estimating credit losses on PCD
    49 mins
  • Getting the right disclosure
    67 mins
  • Defaults and migration risk
    86 mins

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 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 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.

Recommended For

  • This Online CPE webinar is recommended for CPAs, CMAs, CIAs, IAPs, QIALs, CEOs, CFOs, Business Owners, Business Managers, Entrepreneurs, and Other Individuals who want to understand the steps required to implement the Current Estimated Credit Loss Standard.

Who Should Attend?

  • Accountant
  • Accounting and audit managers/practitioners
  • Accounting Firm
  • Accounting Managers
  • Accounts Director
  • Assistant Controllers
  • Business Owner
  • CEO
  • Certified Management Accountant (CMA)
  • Certified Public Accountant (CPA)
  • CFO/Controller
  • Chief Accounting Officer
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Outsourced CFO
  • Staff of Accounting Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
  • 2 CPE Credit of Accounting for Internal Audit Practitioner (IAP)
  • 2 CPE Credit of Financial Accounting for Certified Internal Auditors (CIA)
  • 2 CPE Credit of Financial Reporting for Certified Management Accountants (CMA)
  • 2 CPE Credit of Accounting for Qualification in Internal Audit Leadership (QIAL)
  • 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2 CE Credit for Certified Wealth Strategist (CWS)
  • 2 General Credit of Accounting for Accountant/Bookkeeper/Tax Professionals
  • 2 CPD Credit of Financial Reporting for Certified Financial Forensics (CFF)
  • 2 CPE Credit of Accounting for Certified Fraud Examiner (CFE)
  • 2 PL Credit of Accounting for Chartered Financial Analyst (CFA)
  • 2 PL Credit of Accounting for Certificate In Investment Performance Measurement (CIPM)
  • 2 CRE Credit of Financial accounting concepts for Certified Corporate FP&A Professional (FPAC)
  • 2 CPD Credit of Financial Reporting for Accredited in Business Valuation (ABV)
  • 2 CPE Credit of Financial accounting for Certified Valuation Analyst (CVA)
  • 2 CPE Credit of Financial accounting for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
  • 2 CPE Credit of Accounting for Certified Government Financial Manager (CGFM)

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

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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 through its website: www.NASBARegistry.org.

Presenter

About Presenter

Richard Cascarino, CRMA, CIA, CISM, CFE

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.

About Company

Richard Cascarino & Associates

www.rcascarino.com/

Richard Cascarino and Associates LLC are providers high quality consulting and training services worldwide. They are associated with some of the most experienced consultants and highest quality professional educators in the fields of Fraud Audit, IS Audit and IS Audit Training, Internal Audit and Internal Audit Training as well as Enterprise Risk Management.

Faq

FAQs content

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Ratings and Review

3.9

18 Ratings

Excellent

6

Very Good

6

Average

5

Poor

1

Terrible

0

YJ

Yan Ji, CPA (US)

Jun 1st, 2022

good course.

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