CECL: Coronavirus Impact and Individually Assessed
As a means of assisting our industry for the possible consequences associated with the current economic turmoil, we will be releasing a special series of updates and news for weeks to come with a particular focus on areas of credit and accounting. Topics of interest will include particular aspects of the CECL/ALLL process as well as responsibilities associated with Merger & Acquisitions.
Question: Do you remember how many loans you were evaluating individually for the ALLL following the "Great Recession?" 50, 100, or more...
Coronavirus Pandemic Could Increase Loans for Specific Assessment/Impairment
With the stock market suffering its worst week since 2008 and escalated concerns for the Coronavirus, anxieties of credit quality are building momentum. As many of us may remember from the "Great Recession," a robust and efficient means of identifying, isolating, and evaluating such loans will be necessary as volume increases.
While many financial institutions still use Excel or 3rd Party allowance tools with limited functionality, modules within ValuCast™ can be isolated for a specific use, such as the Individually Assessed component (formerly ASC 310-10/FAS 114).
ValuCast™ is a loss modeling software for ALLL and CECL designed by accountants and developed in-house by one of the most experienced technical teams in the industry. ValuCast™ can be stood up in days for immediate use.
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