To address internal control considerations for preparers’ adoption of the new leases standard and the new current expected credit loss (CECL) standard, FEI’s Committee on Corporate Reporting (CCR) has released two ICFR: Insights, Issues, and Practices documents.
The objective of these documents is to improve practice for other preparers. The documents include considerations, insights and best practices to help companies execute successful implementation and maintenance of effective internal control over financial reporting for these new standards. These documents reflect the generous time and effort of CCR’s ICFR Working Group, as well as other reviewers, including companies and audit firms.
Provide your contact info below to download the two complimentary ICFR documents:
- Accounting Standards Codification (ASC) 842, Leases
This document contains insights from financial statement preparers compiled to help other preparers in their respective application of internal controls over the new leasing standard.
- Current Expected Credit Loss (CECL) Standard
This document outlines specific issues management is likely to consider in association with changes needed to document and evidence their governance processes and internal controls to support management’s best estimates of allowances for credit losses under the CECL standard.