Banks, credit unions and other types of financial institutions are preparing for the imminent approach of the credit losses standard. The standard is often referred to CECL in reference to the current expected credit losses model used by the Financial Accounting Standards Board (FASB) in its version of the standard under U.S. Generally Accepted Accounting Principles (GAAP). FASB wasn’t able to fully converge its financial instruments standard with the International Accounting Standards Board’s (IASB) approach under International Financial Reporting Standards (IFRS), so the differences are likely to complicate the implementation for international banks. There are also different dates for adoption by public and private companies, and FASB recently agreed to adjust the effective date slightly for private companies in keeping with the approach it used for the earlier revenue recognition and leasing standards, where private companies get a full extra year to implement a standard. But for both publicly traded and privately held banks, the date isn’t far off. Click here for more from Accounting Today.