With the recent FASB vote to proceed and the final Accounting Standards Update published, financial institutions need to take action today to prepare for the updated Current Expected Credit Loss (CECL) standards.

The Financial Accounting Standards Board (FASB) has introduced new CECL standards to better understand the credit risk associated with the portfolio and reporting on financial instruments in financial statements. A successful implementation of CECL requires better integration between accounting and risk management and access to an expanded historical data set to calculate credit reserves.

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