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Major accounting changes are on the horizon for credit unions across the nation, thanks to recent updates issued by the Financial Accounting Standards Board regarding equity investments, lease commitments and loan losses. Even though the effective dates are still several years out, there are ways credit union leaders can prepare now for these changes.

The highest profile of these FASB updates deals with the CECL, or current expected credit loss, standard. In June 2016, FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which fundamentally alters the manner in which credit unions calculate the allowance for loan and lease losses.

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