The Center for Audit Quality has issued a tool that assists audit committees with their oversight responsibility for the implementation of the new credit impairment standard. The tool includes an overview of the new standard and offers key questions and resources for audit committee members to consider.
|Effective date:||Public business entities that are SEC filers||Public business entities that are not SEC filers||All other entities|
|Annual periods and interim periods – Fiscal years beginning after||Dec. 15, 2019||Dec. 15, 2020||Dec. 15, 2021|
|Early adoption allowed in annual and interim periods beginning after||Dec. 15, 2018||Dec. 15, 2018||Dec. 15, 2018|
CAQ has developed this tool to help audit committee members execute their oversight responsibilities. The tool provides important questions to consider and incorporates the following: