Larry Smith, Former FASB Board Member, will take the main stage in this session focused on the fundamental principles of the CECL model, including the alternatives permitted under the standard and the FASB’s considerations in creating those alternatives and the related disclosure requirements. He will offer his insider viewpoint as one who is intimately familiar with the accounting standard.
During his tenure as a board member, the FASB undertook major projects and promulgated new standards in the areas of revenue recognition, leases, credit losses, derivatives and consolidations, among others. During his time as a Board member, Mr. Smith served as the Chairman of the Transition Resource Group for ASC Topic 326 “Measurement of Credit Losses on Financial Instruments” (also known as Current Expected Credit Loss model or CECL), working with various constituencies in addressing implementation issues related to the new standard. He also served as the FASB’s Official Observer to the PCAOB’s Standing Advisory Group.