FASB’s new Current Expected Credit Loss (CECL) model for measuring credit losses on loans and certain other financial assets is the biggest accounting and financial reporting change for financial institutions in over a generation. Many challenges lie ahead for the industry, but we are ready to help you make what seems like an “impossible” task a reality.
Wipfli’s specialists in accounting and financial reporting, credit underwriting and analysis, process and systems management, and information technology are here to guide and support your team. We have sample CECL models that can demonstrate how different methodologies work and many other resources available to you to make sure you find a CECL solution that is just right for your institution.
Our experienced professionals are ready help you understand CECL’s requirements, evaluate various models, manage data storage and transfer, implement and test your CECL methodology, and stay on track through the whole process with service offerings that include the following:
- Readiness assessments
- Project management and implementation plans
- CECL modeling
- Data storage and data transfer assessments
- Vendor solution evaluations
- Model validations
- Accounting and financial reporting assistance
- Training and education
Brett D. Schwantes, CPABrett Schwantes has over 20 years of experience working closely with financial institutions and is the leader of the Technical Issues Committee for the financial institutions practice of Wipfli. He regularly assists clients facing questions and challenges implementing new or complex accounting standards.