By 2021, the cohort of SEC registrants required to adopt CECL will have all begun presenting financial statements under the new standard, regardless of whether they elected CARES adoption relief. In this presentation, tailored for credit unions that have not yet adopted and we will discuss lessons learned from implementing the standard at more than a hundred such institutions, working with scores of different audit and validation firms across the spectrum of size, resources, and sophistication.
Participants will learn:
- How to adapt (and scale) the best practices of SEC registrant institutions to create a durable practice at their own credit union
- How to avoid common stumbling blocks and project black holes that can be a drain on resources and staff
- How to use existing capabilities and assets to implement the standard, or ensure that their work implementing the standard pays dividends elsewhere at the credit union
Hosted by: New York Credit Union Association
Speaker: Jared Mills, CPA – Manager, Advisory Services – Abrigo (a strategic partner of the New York Credit Union Association)
Tapping into his banking background as the former Assistant Director of Accounting at South Carolina State FCU and a former Financial Analyst at First Citizens Bank, Jared Mills works alongside the Abrigo Advisory team to provide strategic direction for the product development of our ALLL, CECL preparation, and portfolio analytics solutions. He draws on feedback from banks and credit unions across the country and also provides clients with portfolio risk guidance on building a consistent and defensible ALLL methodology and navigating the CECL transition. Jared has a bachelor’s degree in business administration with an emphasis in accounting from Charleston Southern University and a master’s degree in accountancy from the College of Charleston.