Financial Executives International has released two new guides to help companies with internal controls during implementation of two new accounting standards: leasing and current expected credit loss (CECL).
The guides, ICFR: Insights, Issues, and Practices, address internal control considerations for preparers’ adoption of the new standards, and were issued by FEI’s Committee on Corporate Reporting (CCR). The objective of these documents is to improve practice for other preparers. The guides 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.
FEI encourages companies to participate in this process and to share their techniques and approaches that appropriately balance the costs and benefits of controls related to leasing and CECL.