ICBA filed a comment letter
in support of the Financial Accounting Standards Board’s proposal to grant additional time for most community banks to implement FASB standards on current expected credit losses, leases and hedging.
Under the proposal, community banks would delay CECL until 2023 unless they have a public float of $250 million or more, in which case they would apply CECL as originally scheduled in 2020.
ICBA has worked with FASB officials since 2011 to achieve several substantive improvements to CECL and will continue advocating a more flexible CECL environment for community banks as noted in an interactive timeline
on ICBA's website.
The additional time will allow community banks to understand the disclosures required in their financial statements and better tune their loss forecasting, ICBA wrote.