Banks, insurance companies, and specialty finance organizations need to quickly transition from assessment to implementation when addressing the CECL standard. How do your implementation efforts compare to your peers?
Accounting and Credit Risk executives are facing unanticipated challenges when preparing to comply with the CECL (Current Expected Credit Loss) standard. Overall progress is being made towards the implementation, but there is widespread uncertainty regarding key decisions concerning CECL accounting and modeling. These areas are showing overall implementation delays.
As part of our annual accounting change survey series, KPMG has released our 2017 CECL Survey. We surveyed banks, insurance companies, and specialty finance companies in June of 2017 to assess progress toward implementation of the CECL standard and to gain insights into the issues and concerns of the institutions affected.