“NAFCU and our members appreciate [the] FASB implementing our recommendation to extend the implementation date of CECL and making some disclosure requirements optional for credit unions,” NAFCU President/CEO Dan Berger said. “However, we continue to believe that an updated exposure draft on the credit losses accounting standard should be issued for public comment prior to finalization.”

The CECL 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 new methodology encourages financial institutions to, among other things, take a forward-looking approach to loans and recognize possible credit losses earlier. CECL would apply to most debt instruments, trade receivables, lease receivables, reinsurance receivables that result from insurance transactions, financial guarantee contracts and loan commitments.

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

The FASB has received more than 3,360 comment letters on its 2010 and 2012 exposure drafts of the CECL rules, it said Wednesday. It also said it has participated in more than 95 meetings with financial statement preparers, hosted eight public roundtables, hosted 15 preparer workshops and met with more than 200 users of financial statements.