Barring an act of Congress to block or further delay its implementation, financial institutions will have up to three years to reconcile their accounting practices with the Financial Accounting Standards Board’s (FASB) complex and largely unpopular new Current Expected Credit Loss (CECL) standard.
The financial regulatory agencies’ recent final rule affords certain institutions a transition option to help them adjust to the CECL standard’s day-one adverse effects pertaining to regulatory capital.
Find out what institutions qualify for the phase-in period and what requirements they must meet along the way.