FEI’s Insight Guides to address ICFR considerations for two new accounting standards: Topic 842, Leases and Topic 326, Financial Instruments – Credit Losses
MORRISTOWN, N.J. - Financial Executives International (FEI), the association of choice for CFOs, Controllers, and other senior-level finance executives, released today two ICFR: Insights, Issues and Practices guides that address internal control considerations for preparers’ adoption of both the new leases standard and the new current expected credit loss (CECL) standard.
The objective of this preparer-led effort is to provide considerations, insights and best practices that may help preparers in their application of internal control when operationalizing these new accounting standards, thereby improving practice. FEI’s Committee on Corporate Reporting (CCR) is publishing these documents to provide a support mechanism to help companies of varying sizes execute successful implementation and maintenance of effective ICFR for these new standards.
“Internal controls must be top of mind for management at all times, but especially as new standards are operationalized, and new systems and processes are implemented. These ICFR guides represent the collaborative efforts of leading preparers, with input from their auditors. We believe this will help refresh the dialog between management and its auditors, leading to process improvements and better internal controls,” said Mick Homan, CCR Chairman, and Vice President, Finance & Accounting - Corporate Accounting at Procter & Gamble.
Both Insight Guides are available for download on the FEI website:
About FEI
Financial Executives International (FEI) is the leading advocate for the views of corporate financial management. Its more than 10,000 members hold policy-making positions as chief financial officers, chief accounting officers, controllers and treasurers at companies from every major industry. FEI enhances member professional development through peer networking, career management services, conferences, research and publications. Members participate in the activities of more than 65 Chapters in the U.S. . FEI is located in Morristown, NJ. Visit http://www.financialexecutives.org for more information.
Media Contacts:
Claudine Cornelis
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Lili DeVita
FEI
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