CECL and the New AICPA Practice Aid (Part 2): Financial Statement Presentation and Enhanced Financial Statement Disclosures

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CECL and the New AICPA Practice Aid (Part 2): Financial Statement Presentation and Enhanced Financial Statement Disclosures
By
Charles Soranno and Ariste Reno, Protiviti Managing Directors

New accounting standards that fundamentally change the way financial services organizations calculate current expected credit losses (CECL) took effect for large institutions on January 1, 2020. The AICPA has published a CECL Practice Aid to help managers, internal auditors and audit committees prepare for the transition.

In Part I of our two-part series, we highlighted areas of the Practice Aid that board and audit committee members should be particularly attentive to. In this article, we drill down into requirements intended to ensure that financial statement presentation and related disclosures are relevant, reliable and transparent.

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