Understanding FASB’s Proposed Credit Impairment Model
After considering feedback from US investors on the “three-bucket” credit impairment approach, FASB introduces its new impairment model referred to as the Current Expected Credit Losses (CECL) model. This program will address significant matters in relation to the propose model, including: (1) understanding the features of the model specifically its advantages and disadvantages; (2) how the model differs from three-bucket model; (3) What are its potential impact to industry’s balance sheets; (4) What are the necessary advance preparations.
Log into this LIVE webcast as our panel of key thought leaders provides a comprehensive overview of CECL model along with its benefits and challenges. The panel will also be available to answer questions for participants.
Barry M. Pelagatti, Partner,
- Why is this change considered necessary?
- Which assets on my balance sheet will be effected?
- What is changing?
- How will these changes impact my financial reports?
- When will these changes be effective?
Lisa Filomia, Partner,
Ernst & Young LLP
- What is being proposed
- The implications to loans
- The implications to debt securities
- Comparison to IFRS proposal
- What financial institutions are doing now
Who Should Attend:
– Executives and Senior Officers of Banks, Thrifts, Credit Unions, and other Financial Institutions
– Financial Executives/Officers
– Financial Industry Analysts
– Attorneys and Consultants for Financial Companies
– Other Related Professionals
Barry is a member of ParenteBeard LLC’s Board of Directors. He is a Financial Services partner in the Audit and Accounting Services Group and is located in the firm’s Philadelphia Region.
Barry is a certified public accountant with more than 19 years of experience. Specifically, his responsibilities include financial statement review, consultation on complex accounting and reporting matters, including mergers and acquisitions, capital market transactions and SEC reporting requirements. Barry has developed programs that advise clients on improving overall operating efficiency and reporting practices with regard to Section 404 of the Sarbanes-Oxley Act and SEC reporting requirements. Barry is also a member of the AIPCA’s Depository Institutions Expert Panel.
Barry is a member of ParenteBeard LLC’s Board of Directors. He is a Financial Services partner in the Audit and …
Lisa is Ernst & Young’s Global On-Call Accounting Advisory Services Group Leader and has over 25 years experience working with financial institutions. On-Call provides accounting, tax, and regulatory reporting advice to investment bankers, other financial institutions, private equity firms and corporations to assist in the evaluation of financial products and transactions, as well as assists entities with implementation of new accounting standards, GAAP conversions, and the application and operational aspects of complex accounting requirements.
Lisa has led numerous conversions, accounting implementation and other accounting advisory projects. She has advised a significant number of major investment banks, global financial institutions, Fortune 1000 corporations and financial/strategic buyers on capital market transactions, including securitization, derivatives, financial instruments, other structured products, and fair value standards.
Lisa is on the Board of Directors and the Chair of Accounting Subcommittee of the Structured Finance Industry Group, and previously held such positions with the American Securitization Forum (AFS). Lisa has published various articles, is quoted in trade publications and other news services and frequently speaks at conferences and training sessions.
Lisa is a CPA, CMA and a member of the American Institute of Certified Public Accountants, the New York State Society of CPAs and the Institute of Management Accountants. Lisa received an M.B.A. in finance and accounting and a B.S. in business administration from the State University of New York at Buffalo.
Lisa is Ernst & Young’s Global On-Call Accounting Advisory Services Group Leader and has over 25 years experience working with …
Print and review course materials
Method of Presentation:
NASBA Field of Study:
NY Category of CLE Credit:
Unlock All The Knowledge and Credit You Need
Leading Provider of Online Continuing Education
It's As Easy as 1, 2, 3
Get Your 1-Year All Access Pass For Only $199
About ParenteBeard LLC
ParenteBeard LLC is ranked among the top 25 accounting firms in the U.S. With over 1,000 professionals, the firm is a leader in providing CPA and business advisory services to SEC registrants, nonprofits, middle market companies and small businesses. The Firm’s experienced financial services executives serve over 200 clients in the financial services industry. Their clients range in size from de novo banks to institutions with total assets in excess of $15 billion, of which approximately 40 are publicly held. We provide our clients with extensive knowledge of banking operations and regulations and industry specific audit and tax expertise. As an independent member of Baker Tilly International, ParenteBeard is proud to provide the highest level of service to clients nationally and internationally.
About Ernst & Young LLP
Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 167,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.
Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit www.ey.com.