BAN2116. CECL and Beyond: The FASB Looks Ahead

As banks and savings institutions continue to apply and implement the FASB’s Current Expected Credit Losses (CECL) standard, the Board is focused on soliciting stakeholder feedback and completing research to evaluate whether there are areas of improvement that should be addressed. The FASB’s post-implementation review (PIR) of CECL continues to yield new efforts to improve guidance in this area, including projects on troubled debt restructurings (TDRs), vintage disclosures, and acquired financial assets. Other key initiatives include the Board’s efforts to solicit stakeholder input on its future priorities as part of its current agenda consultation process, as well as address the accounting transition to new benchmark interest rates and certain issues related to hedging. During this panel, FASB Members Fred Cannon and Sue Cosper and Technical Director Hillary Salo will explain how these projects may impact the banking industry and why your feedback is important to help inform the Board on current standard-setting projects, as well as future priorities. They will conclude with an audience Q and A.

Learning Objectives:

• Analyze feedback received on CECL through the PIR process
• Identify current standard-setting projects related to TDRs and acquired financial assets
• Recognize the FASB’s efforts to address the transition away from LIBOR through its reference rate reform projects
• Recognize the FASB’s efforts to improve hedge accounting
• Determine next steps in the FASB agenda consultation process