CSBS Offers New Tool for Bank Credit Loss Calculation
September 28, 2017
The Conference of State Bank Supervisors (CSBS) is now offering an optional tool designed to help financial institutions prepare for new accounting standards that determine how banks calculate credit losses.
The new Current Expected Credit Losses (CECL) Readiness Tool is being offered as, according to the CSBS, “one possible path for financial institutions to use while preparing for the Financial Accounting Standard Board's (FASB) new accounting rules.” The tool is meant to enable banks to perform early research, data maintenance, and communication among management team members. CSBS noted there is no regulatory expectation that this tool must be used, nor is it designed to replace or revise any agency guidance or accounting advice related to CECL.
“As financial institutions prepare for FASB's new accounting update, state regulators have heard community banks express a clear need: a set of steps to help them prepare,” said CSBS President and CEO John W. Ryan. “The steps laid out in this tool provide one possible path that a financial institution's management team can take to prepare for these changes.”
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