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New Accounting Standard on Credit Losses: Frequently Asked Questions
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12/19/2016
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Description:The federal financial institution regulatory agencies are issuing the attached Frequently Asked Questions on the New Accounting Standard on Financial Instruments – Credit Losses to assist institutions and examiners. This new standard, published by the Financial Accounting Standards Board (FASB) in June 2016, introduces the current expected credit losses methodology (CECL) for estimating allowances for credit losses. The Frequently Asked Questions (FAQs) focus on the application of CECL and related supervisory expectations. The issuance of the FAQs is part of the agencies' efforts to support institutions as they prepare to implement CECL. The agencies plan to update the FAQs periodically.
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Content Notes:Links to https://www.fdic.gov/news/financial-institution-letters/2016/fil16039.html|Fil-39-2016, dated 6/17/2016 (not in FIL list)
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Release Date:12/19/2016
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Update Date:11/15/2018
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Withdrawn Date:12/01/2018
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Agencies Involved:Federal Deposit Insurance Corporation (FDIC);Board of Governors of the Federal Reserve System (The Fed);Office of the Comptroller of the Currency (OCC);National Credit Union Administration (NCUA);
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Fdic Employee Involved:John Rieger;Christine Bouvier;Kenneth Johnson;
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Other Institutions Involved:Financial Accounting Standards Board (FASB)
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Source:FDIC Website
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Memorandum To:FDIC-Supervised Banks (Commercial and Savings) and FDIC-Supervised Savings Associations
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FIL Number:FIL-79-2016
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[PDF-1.26 MB]
