ICFR: Insights, Issues, and Practices

FEI’s Committee on Corporate Reporting (CCR) has released two ICFR: Insights, Issues, and Practices documents that address internal control considerations for preparers’ adoption of the new leases standard and the new current expected credit loss (CECL) standard, respectively. 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.

Companies are encouraged 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. Users of this document who wish to provide their perspective and/or seek future engagement on the topic are encouraged to contact the following: techacct@financialexecutives.org.


ICFR: Insights, Issues, and Practices
A lessee’s guide to implementing internal control over financial reporting (ICFR) 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 (ICFR) for the current expected credit loss (CECL) standard