The Financial Accounting Standards Board is on the cusp of enacting an accounting standards update for Current Expected Credit Losses, which goes by the acronym CECL.
Based on the proposal as it is written, accounting standards will change as they relate to the impairment of financial assets and the recognition of credit losses.
Essentially, the process of accounting for loan loss will change and more data will be required than currently exists in many incurred loss models. In this case, more is not less as it relates to documentable data for measuring loan loss.
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