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Go forward with confidence: Key business insights for financial institutions 

BerryDunn’s Financial Services Group gives you access to a team of CPAs, information technology experts, and business advisors who work closely with financial institutions throughout the Northeast. We share our knowledge of emerging developments in financial services accounting, audit, information technology and security, and taxation so you can be confident you’re on the right track. 

Using our industry knowledge, we bring clarity to the complex challenges and opportunities facing financial institutions to help you make better-informed financial decisions. Our team works closely with client financial institutions to provide:

  • Insights on industry developments. We maintain a close eye on industry trends and changes, and keep clients apprised of developments affecting financial institutions. These insights help clients to stay ahead of the competitive curve, and on track for success.
  • Objective situational analysis and decision-making support. We combine our deep industry knowledge with a thorough understanding of the specifics of each client’s business, and use that intelligence to inform smart, strategic recommendations. 
  • In-depth knowledge of financial services. With more than four decades of experience serving client financial institutions throughout New England and beyond, we provide practical, up-to-date advice for streamlining operations, maintaining compliance, and improving performance. 

Real guidance through real expertise

Do you know the latest changes in accounting for CECL? Or the tax consequences of operating in several different states? At BerryDunn, you’ll work directly with a seasoned team that understands these issues, takes the time to learn your goals, and leverages industry-specific knowledge to help you take advantage of opportunities that drive value.

BerryDunn experts analyze the specifics of your operations and recommend proven solutions meet your unique goals, needs and preferences. You gain new insight into a variety of options, whether it’s strengthening internal controls, evaluating regulatory challenges, developing tax planning strategies to help you improve profitability or growing your business and realizing your vision for the future. We also provide implementation examples, allowing you to plan for new, complex accounting matters that may have a direct or indirect impact on you. Here are the services we offer.

BerryDunn’s Financial Services Group brings its specialized regulatory and financial accounting knowledge to its clients with a personal touch. With a wide breadth of talented and personable staff members, and a focus on fostering a strong relationship with clients, BerryDunn has set itself apart as a premier accounting firm in the financial services industry.

Looking for more information about how we can help? Contact our financial institutions practice leader, Janice Latulippe.

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FASB to propose a two-year delay on credit loss rules for smaller reporting companies—defer insurance rules by one year.

The CECL and leases deadline would also be delayed for private companies (and other entities, such as not-for-profits) for one year.

In their recent meeting, the Federal Accounting Standards Board (FASB) agreed to propose in August a delay to the Current Expected Credit Losses (CECL) deadline by one year, smaller reporting companies by two more years, private and not-for-profit organizations an additional year to adopt the new credit loss rules.

The details:

  • Accounting Standards Update (ASU) No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, the effective date will change from 2021 to 2023 for smaller reporting companies and from 2022 to 2023 for private companies and nonprofits.
  • Larger calendar-year-end public companies would keep the current January 1, 2020, effective date to adopt ASU 2016-13.
  • ASU No. 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, deferred from 2021 to 2024 for smaller reporting companies, private companies and nonprofits, and from 2021 to 2022 for larger public companies.
  • ASU No. 2016-02, Leases (Topic 842), and ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, deferred from 2020 to 2021 for private companies and nonprofits. 

If you have any questions about this update or other CECL concerns, please contact Janice Latulippe or Tracy Harding.

Direct from the FASB: CECL FAQs

FASB to propose a delay on credit loss rules and defer insurance rules

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