The federal financial institution regulatory agencies issued updated FAQs for the new accounting standard on credit losses. The newly issued FAQs include both changes to previously issued FAQs and new FAQs.
Three of the four changes involve updates to FAQs regarding effective dates for non-PBEs. These changes are in response to the amending of the effective date for non-PBEs in November 2018. The fourth change incorporates the final rule issued in December 2018 allowing a three-year phase in of day-one regulatory capital effects of the new accounting standard.
In addition to changes to four previously issued FAQs, the agencies issued nine new FAQs. Three of the newly issued FAQs address the relation between stress testing and CECL compliance. The other six FAQs discuss segmentation of credit cards, collateral valuation, and internal controls among other things.
The appendix to the new FAQs provides a list of CECL resources, including links to statements, rules, webinars, and more.
