- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
Bankers expect CECL, a new rule on how to reflect credit losses in financial statements, to produce big accounting changes. According to Tammy Whitehouse, some say it is the biggest change ever.
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When the economy starts to sour, CECL will push it faster and further in that direction, say banks calling for a delay and study of the new loan loss rules.
As most public companies deal with revenue recognition and lease accounting changes coming in 2018 and 2019, the banking sector is trying to tame an even bigger beast.
According to a recent survey by RapidRatings and Compliance week, banks are nowhere near ready for FASB’s CECL requirements scheduled to go into effect in 2020.
