For financial institutions, the new Current Expected Credit Loss (CECL) accounting model is the most significant financial reporting change in decades. Now is the time to make sure your credit union is prepared before the implementation date.
Advanced preparation is crucial because the impact of the new rule goes far beyond just accounting and financial reporting. Not only will your credit union need to overhaul the way you calculate the allowance for loan and lease losses (ALLL), but you will also need to consider making process changes in the way you collect data. This means either adapting current financial models and frameworks or developing new ones altogether.
Sounds like a lot to understand, and we’ve got you covered.
Beginning on April 12, we hope you’ll join us for a live, five-part webinar series that breaks CECL down in an easy-to-understand format. Hosted by Corporate One and Accolade, and in partnership with our accounting firm Crowe Horwath LLP, this series offers a comprehensive yet digestible review of the important aspects of CECL all credit unions will need to understand to remain compliant and successful.
For more information on each webinar and/or to register, view our events calendar.
Making the CECL transition
The following infographic visualizes five key areas your credit union will need to understand to make your CECL transition successful.