This is the third of the trifecta of changes that will be changing the face of financial reporting over the next three years (for public firms) and next four (for private firms). The first is Revenue Recognition (2018), the second Leasing (2019) and finally CECL (2020) (Current Expected Credit Loss Calculation). Each of these will be required one year later for private firms.
This new standard is the most stealthy of changes. While all the attention is being focused on the financial services industry, this change will effect every firm that receives anything other than US dollars for the their goods and services and have any investments other than US T-Bills. Even if you settle by credit card or ACH you will need to set up an allowance for bad debt.
Bankers know how much work and expense is going into CECL preparation for their institution. Think about your loan customer that has no idea of how to estimate this new number. This is an opportunity to market your expertise and maybe recoup some of the expenses you incurred in developing your CECL implementation.
If you are a loan officer, credit officer, loan underwriter, accountant, financial analyst or loan reviewer you will need to be prepared on how to interpret the new statements. Otherwise you may be missing great opportunities to lend or invest. You may also miss out on opportunities to consult with the business community to get additional leads.
Attending this Loan Accounting Webinar you will gain
If you are having issues with registering online, please contact CBAO's Education & Training Coordinator, Lianne Simeone, (614) 610-1877.