Simplifying CECL: A Practical Approach and What Board Members Need to Know

Credit union directors and CEOs will be provided a high-level overview of the Financial Accounts Standards Board's (FASB) method selection for the Financial Instruments-Credit Losses standard during the MCUL & Affiliates 2019 Fall Leadership Development Conference. The standard was issued in June 2016 and will be effective for credit unions on Jan. 1, 2022.

With the FASB’s release of a Q&A document earlier this year, the weighted average remaining maturity (WARM) method has been confirmed as an option. During the session, "Simplifying CECL: A Practical Approach and What Board Members Need to Know" taking place at the conference, participants will be provided an illustration of how to calculate the lifetime loss rate and apply the current condition. Reasonable and supportable forecasts will also be provided consistent with the accounting standard.

The event, on Sept. 13-15, is at the Grand Traverse Resort and Spa. Advanced registration is required before securing room accommodations.