As an Audit and Assurance senior manager, Nicole Spiker (Columbus) oversees Crowe’s financial services audit practice in Ohio and business development efforts in Pennsylvania. In response to the new Current Expected Credit Losses (CECL) methodology, Nicole has been educating herself and now her clients and colleagues. The new methodology, which will be implemented in January 2020, overhauls how financial institutions estimate their allowance for credit losses.
Q How do you make smart decisions?
A. In the last year, I’ve leveraged my expertise by preparing a set of illustrative financial statement disclosures that encompassed all of the new disclosure requirements of the CECL standards that are applicable to U.S. Securities and Exchanges tax filers. I’ve worked with Crowe’s Marketing, Development and Sales group to begin distributing the documents to our clients and prospects.
Q. How are your decisions creating lasting value for Crowe?
A. CECL is a significant accounting rule that is impacting the banking practice and is certainly the most significant impact to occur since I started with the firm 16 years ago. I believe the illustrative financial statement disclosures will be extremely helpful to our clients, prospects, as well as to our auditors. The disclosures demonstrate Crowe’s thought leadership in the banking space and a tool that we can use to initiate contact with our prospects.