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Providing Solutions On Your Path to Innovation

Achieving Success When Selling to the World’s Largest Buyer

Providing Solutions On Your Path to Innovation

Achieving Success When Selling to the World’s Largest Buyer

Providing Solutions On Your Path to Innovation

Achieving Success When Selling to the World’s Largest Buyer

Providing Solutions On Your Path to Innovation

Achieving Success When Selling to the World’s Largest Buyer

Providing Solutions On Your Path to Innovation

Achieving Success When Selling to the World’s Largest Buyer

Federal Tax Reform: Opportunity Zones

Community Revitalization by Rewarding Private Investment

Section 199A Deduction for Pass-Through Entities

A Deduction of Up to 20% of Qualified Business Income

THIncIT

Leveraging Technologies to Improve 
Efficiency

How Can We Guide You?

Cherry Bekaert

Update Pushes Credit Loss Standard Effective Date to 2022 for Community Banks

After unanimously approving last month several amendments to Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (Topic 326), the Financial Accounting Standards Board (“FASB”) published an update that will give credit unions and community banks an extra year to comply with the credit loss standard.

The update, ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, aligns the implementation dates for private companies’ annual financial statements with their interim financial statements. The new guidance states that private companies must apply the credit loss standard to fiscal years, including interim periods within such years, starting after December 15, 2021. This change means smaller institutions like credit unions and community banks can apply the credit loss standard beginning in 2022.