Economic forecasting is one of the most important components for CECL. It requires a more comprehensive understanding of the economic environment than in the past, and the ability to assess potential changes in the future. When determining your forecast, it is important to consider all available data, along with the current economic climate, and to make assumptions that are reasonable and supportable. This guide will provide an overview of the skills and strategies needed to correctly forecast and update your CECL allowance.
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