ICFR considerations for adoption of leases and CECL standards
FINANCIAL REPORTING INSIGHTS |
Financial Executives International has released two guides to help companies implement and maintain effective internal control over financial reporting (ICFR) when adopting the new accounting standards on leases and current expected credit losses:
- ICFR: Insights, Issues, and Practices: A lessee’s guide to implementing internal control over financial reporting for contracts accounted for under Accounting Standards Codification (ASC) 842, Leases
- ICFR: Insights, Issues, and Practices: A guide to implementing internal control over financial reporting for the current expected credit loss (CECL) standard
The guides include considerations for materiality assessments, descriptions of potential risks and examples of control activities.