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Jan McDaid, CPA
Jul 12, 2024

Have you been hearing the term CECL in financial and accounting circles? 

CECL, pronounced “sea seal” is the common short-hand for Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses (topic 326). CECL doesn’t just apply to financial institutions, it applies to nonprofits too.

The main goal of the standard is to improve financial reporting by requiring earlier recognition of credit losses on financing receivables and other financial assets.

Implementation Dates

Jun 28, 2024

The primary function of an audit committee is to ensure the organization carries out an independent outside audit. Specific duties include:

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