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Preparers issue self-driven guides on ICFR over leases, CECL

Tammy Whitehouse | December 4, 2018
As governance and oversight leader at Wells Fargo, Craig Schmidt admits to a “selfish interest” in having more guidance about establishing internal controls around new accounting, most notably new rules on credit losses.
 
Like most financial institutions, Wells Fargo is deep into its efforts to adopt the new “current expected credit losses” model for recognizing loan losses in financial statements. While the CECL accounting requirements are spelled out explicitly enough in Accounting Standards Codification Topic 326, the requirement to have strong internal control around the accounting is, by comparison, a little more nebulous.
 
Sure, the Securities and Exchange Commission published guidance for preparers more than a decade ago about management’s responsibility under Sarbanes-Oxley to establish and maintain strong internal control over financial reporting. And yes, the Committee of Sponsoring Organizations, or COSO, has published and...
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