When I left my house before 5:00 this morning to catch an early flight, I noticed that none of the roads in my neighborhood, or even the town, had been plowed from the overnight storm that brought almost six inches of snow. I live in a relatively small town of around 40,000 people, and even though it is Montana, these storms always seem to catch us off guard, and we end up having to dig ourselves out. Luckily, I have a four-wheel-drive vehicle and made it to the airport in plenty of time.
This made me think of all the new accounting pronouncements that are coming up in the next few years that will have an impact on financial institutions: leases, revenue recognition, and—everyone’s favorite—CECL, and how we all had better be prepared for them, or we might end up getting stuck in the snow!
You may feel like you are alone using a very small snow shovel to clean out your very long and very wide driveway, but we at Wipfli have subject matter experts in all of these areas, and we have tools you can leverage to make the job easier. If you have not seen our webinars covering these topics, check out the recordings for our recent Audit and Accounting Update for Financial Institutions and Will You Be Ready for CECL? webinars. Or just reach out to your relationship executive.
If we start planning for these changes today, it is less likely we’ll end up in a large snow bank!