The Impending Deadline is Near for CECL Implementation

Protiviti IT Governance & Risk Management

The Impending Deadline is Near for CECL Implementation

 

The final CECL accounting standard has impacted numerous functions within financial services institutions and other organizations and most are underway with their CECL implementation action plans. The effective date for the standard is fast approaching and the overall effort, including data capture and process changes, demands careful thought and planning. Affected organizations face several compliance challenges in regards to the CECL regulation but the main areas of impact are modeling, data and IT systems, business processes, accounting, disclosures and reporting, as well as internal audit and controls.

Protiviti’s dedicated professionals can help clients identify key areas of change needed to meet CECL requirements and assist with implementation of changes to these impacted areas.

CECL Implementation Dates:

  • All entities may early adopt after fiscal years beginning December 15, 2018
  • CECL is effective for public business entities that are SEC filers for fiscal years beginning after December 15, 2019
  • CECL is effective for all other public business entities for fiscal years beginning after December 15, 2020
  • CECL is effective for all other entities for fiscal years beginning after December 15, 2021
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Watch a recorded discussion on CECL and IFRS9 readiness by Protiviti’s subject matter experts

Access On-Demand CECL Resources: 

Listen to this session to learn what Model Validation and Internal Audit can do to stay on top of the process.
Listen to this session to learn what matters now in your organization’s plans to be ready for CECL