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August 16, 2019

AICPA releases working drafts on new credit loss standard

The AICPA’s Financial Reporting Executive Committee (FinREC) has issued working drafts of accounting issues related to the implementation of Accounting Standards Update (ASU) No. 2016-13, Financial Instruments-Credit Losses and is requesting feedback on issue paper Reasonable and Supportable Forecasting.

Current Expected Credit Loss, or CECL, is a new standard that will change how financial institutions account for expected credit losses and, is one of the most significant changes to US financial institution accounting in 40 years. It affects reserves for losses over loans booked and allows for more forward-looking information to be considered when developing a best estimate.

 “These issue papers demonstrate the AICPA’s continuing effort to ease implementation of the standard for auditors and their clients,” said Jason Brodmerkel, CPA, AICPA accounting standards – depository and lending institutions. “It is a tremendous effort for our committee and the many volunteers on our task force all of whom are committed to help the financial reporting system adopt the standard.”

Feedback is requested by 15 October 2019.

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