Preparing for Change

What You Need to Know About CECL and the New Credit Losses Standard

With the application date for the new Current Expected Credit Loss (CECL) methodology quickly approaching, Clearwater’s investment accounting experts want to help you better understand how this change will impact accounting.

The Accounting Standards Update 2016-13, Financial Instruments — Credit Losses, will introduce major adjustments to the way credit losses are accounted for. Investment accountants are preparing for several adjustments to their reporting regarding held-to-maturity (HTM) and available-for-sale (AFS) securities.

Included in the update is a new expected credit loss accounting standard that introduces the Current Expected Credit Loss (CECL) model effective for SEC filers for fiscal years beginning after December 15, 2019.

Clearwater Product Owners Sam Hobbs and Rhead Hatch discuss the details accounting teams need to know about the update, the operational challenges that may come from it, and tips for what you can do now to prepare. 

Learning Objectives:

  • Learn how CECL could impact your accounting and investment teams
  • Discuss best strategies for applying this new guidance
  • Understand the bigger picture of how upcoming investment accounting regulations may affect the insurance industry 

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(60 minutes)
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Featured Presenters

Sam Hobbs, CPA

Sam Hobbs, CPA

Product Owner, Accounting,

Sam ensures the Clearwater solution is in compliance with applicable regulatory guidelines. Since joining Clearwater in 2013, Sam has worked closely with industry experts, client services team leads, and the Clearwater development team to implement enhancements and new features to ensure the Clearwater system remains best-in-class.

Prior to joining Clearwater, Sam was an audit manager at PwC in Atlanta. He worked closely with clients in the insurance, investment management, and real estate industries as a member of the financial services group.

Sam is a certified public accountant and has a bachelor’s in accounting from Brigham Young University.

Sam is an avid golfer. He especially enjoys the outdoors and spending time with his wife and four boys.

Rhead Hatch, CPA

Rhead Hatch, CPA

Product Owner, Accounting,

Rhead ensures that Clearwater’s investment accounting module is up-to-date with current compliance requirements and maintains accounting basis guidelines. Rhead helps implement new accounting functions into the Clearwater system and assists developers with outlining new product enhancements.

Rhead has been a part of the Clearwater team since 2006 and has worked directly with many Fortune 500 companies to integrate Clearwater’s accounting product into their processes.

Rhead has a master’s in accounting with a specialty in tax and a bachelor’s in accounting from Boise State University.