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Companies Lag on Getting Ready for CECL

 

Many banks and financial institutions are encountering challenges in preparing for the Financial Accounting Standards Board’s (FASB) credit losses standard, according to a new survey. Only 32 percent of a group of more than 100 accounting professionals polled by Deloitte and Bloomberg Tax at a conference earlier this month reported that their organization has begun to develop internal controls and processes to implement the credit losses standard, which is often referred to as CECL because it uses a Current Expected Credit Losses model. Meanwhile, 41 percent said their biggest challenge to implementation right now is their lack of a good understanding of the standard. Read more at Accounting Today or sign up for a VSCPA class on the topic: