“When noting that the credit losses standard is expected to be finalized by June 30, FASB Member Lawrence Smith said the board is considering reopening the discussion on the standard's implementation date,” it said.

In the works since 2012, the Current Expected Credit Loss rules incorporate a methodology that could fundamentally change how credit unions, banks and other financial institutions calculate their loan loss reserves and even alter day to day operations for credit departments. The FASB's Transition Resource Group is charged with analyzing and discussing implementation issues related to the rules.

The new methodology encourages financial institutions to, among other things, take a forward looking approach to loans and recognize possible credit losses earlier. In an analysis published in March 2015 by Deloitte, an entity would recognize its estimate of contractual cash flows not expected to be collected on a financial instrument as an allowance. The analysis also said the CECL model would apply to most debt instruments, trade receivables, lease receivables, reinsurance receivables that result from insurance transactions, financial guarantee contracts and loan commitments.

Back in February, NAFCU asked the FASB to delay the standard's implementation date in light of the delay in finalization. For credit unions and other nonpublic business organizations, the current implementation dates are fiscal years beginning after Dec. 15, 2019.

Once the final standard is issued, stakeholders will be able to submit potential implementation issues for discussion by the Transition Resource Group, according to the FASB. The FASB will evaluate each submission and prioritize the issues for discussion at public Transition Resource Group meetings, it said.

The Transition Resource Group is scheduled to meet again on April 18. Jeanne D'Arc Credit Union SVP and CFO Susan Hannigan and Mission Federal Credit Union CFO Doug Wright are part of the 16-member group. The Lowell, Mass.-based Jeanne D'Arc has $1.1 billion in assets and 73,000 members; the San Diego-based Mission FCU has $2.9 billion in assets and 189,000 members.