December 22 2024

FASB Announces Effective Date for New Credit Loss Standard

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FASB announced yesterday that the effective date for the new methodology for reporting credit losses will be Dec. 15, 2019 for fiscal years beginning after that date. The new rule will require ALLL accounts to reflect the credit union’s current estimate of the contracted cash flows that it doesn’t expect to collect, based on credit risk, as of the reporting date. Currently, a credit union does not have to recognize a credit loss until it is probable or has been incurred. [11/12/15]

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