Clarity on the CECL Model
We continue to hear the impending doom that is the CECL Impairment Model and how it will impact financial institutions. The American Bankers Association’s President, in a letter to the Financial Accounting Standards Board’s, expressed concern about the complexity of the new suggested model and whether it actually will result in any improvement in financial statement reporting and/or credit impairment analysis. The ABA continues to work with the FASB to help create a new model, but wants to be sure it is the right model that can be scalable to all institutions while reducing any additional burden to the institution.
For more information, please see the full article and letter at http://www.aba.com and for more information please contact James Dowling, Manager and member of Marcum’s Financial Institutions Services Group, at [email protected].