How the Financial Accounting Standards Board’s credit losses standard (CECL) fared during the height of the pandemic and more were discussed last week as part of a virtual roundtable.
FASB staff reviewed implementation of CECL with analysts covering public and private banks, financial statement preparers, auditors, and other stakeholders. The standard took effect for public companies (excluding smaller reporting companies) for fiscal years beginning after Dec. 15, 2019, and is slated to become effective for all other entities for fiscal years beginning after Dec. 15, 2022.
