CECL: An Up-to-Date Comparative Analysis with ILM

Among various economic relief measures, the CARES Act allowed SEC filing banks to temporarily postpone the effective date of the current expected credit loss (CECL) standard. The Consolidated Appropriation Act, passed in late December, further extended this relief to the first day of the company’s fiscal year after the date the national emergency terminates, or January 1, 2022. The effective date for all other financial institutions remains as January 1, 2023.

A small portion of the…