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RELEASE DATE: MARCH 11, 2024
ESTIMATED DURATION: 60 MINUTES
The Financial Accounting Standards Board (FASB) issued a new accounting standard that will significantly change how Credit Union’s account for credit losses for most financial assets and certain other instruments. One key change is the requirement to measure certain credit losses under a new model, commonly referred to as the current expected credit loss (CECL) model. In 2023 all Credit Unions over $10 million in assets will have implemented CECL. The new standard affects accounting for loans, held-to-maturity (HTM) debt securities, certain off-balance-sheet credit exposures, and other financial assets. It also makes changes to the impairment model for available-for-sale (AFS) securities.
This presentation will cover the following topics the Audit Committee should be aware of to fulfill their corporate governance responsibility.
- Understanding the Standard
- Evaluating the Credit Union’s Impact Assessment
- Evaluating the Implementation Plan
- Other Important Implementation Considerations
- Regulatory and Other Professional Organization Resources
MEET THE SUBJECT MATTER EXPERT:
Mike Richards has held the position of CEO of Richards & Associates, CPAs for nearly forty years. He joined the firm in 1973 after earning a bachelor’s degree in business administration from the California State University at Los Angeles and becoming a Certified Public Accountant. In addition to managing the day-to-day operations of Richards & Associates, Mike has introduced many new services we now provide for our clients. He is responsible for quality control of all professional services offered by the firm.