ASU 2016-13 Financial Institutions - Credit Losses
Understanding ASU 2016-13: Credit Losses Quiz
Test your knowledge on ASU 2016-13 and gain insights into the new CECL methodology! This quiz covers key implementation dates, methodologies, and expected credit loss estimation.
- 11 engaging questions
- Designed for financial professionals
- Assess your understanding of important concepts
Bank XYZ, located in WY, is a $1.5B financial institution. Company shares are not publicly traded. When is Bank XYZ's implementation Date?
Fiscal years beginning after 12/15/2019
Fiscal years beginning after 12/15/2020
Fiscal years beginning after 12/15/2021
Fiscal years beginning after 1/1/2019
Bank XYZ, located in WY, is a $1.5B financial institution. Company shares are publicly traded; listed on the OTC. When is Bank XYZ's implementation Date?
Fiscal years beginning after 12/15/2019
Fiscal years beginning after 12/15/2020
Fiscal years beginning after 12/15/2021
Fiscal years beginning after 1/1/2019
Bank XYZ, located in WY, is a $1.5B financial institution. Company shares are publicly traded; listed on the NASD. When is Bank XYZ's implementation Date?
Fiscal years beginning after 12/15/2019
Fiscal years beginning after 12/15/2020
Fiscal years beginning after 12/15/2021
Fiscal years beginning after 1/1/2019
Credit Union XYZ, located in WY, is a $1.5B financial institution. When is Credit Union XYZ's implementation Date?
Fiscal years beginning after 12/15/2019
Fiscal years beginning after 12/15/2020
Fiscal years beginning after 12/15/2021
Fiscal years beginning after 1/1/2019
ASU 2016-13 (CECL) states that institutions must use one of the following methodologies to calculate historical loss experience?
Discounted Cash Flow
Migration
PD/LGD
Vintage
All of the above
None of the above
An entity shall estimate expected credit losses over the _______ of the financial asset.
Weighted average maturity
Expected life
Contractual life
Next 5 years
The following entity types are required to prepare a 5-year vintage disclosure as-of their initial measurement under the new standard:
SEC filers, PBE, all other
SEC filers, PBE
SEC filers
PBE, all other
PBE
The following entity types are required to prepare a 3-year vintage disclosure as-of their initial measurement under the new standard:
SEC filers, PBE, all other
SEC filers, PBE
SEC filers
PBE, all other
PBE
Banks can expect reserves to increase as much as...
5%
10%
25%
50%
100%
>100%
None of the above
Credit Unions can expect reserves to increase as much as...
5%
10%
25%
50%
100%
>100%
None of the above
One difference between current GAAP and future GAAP, for allowance for loan and lease loss, is that institutions will be required to...
Record a 5-year loss rate
Record a 3-year loss rate
Record "incurred" losses
Record "expected" losses
Record a higher reserve amount
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