The latest guidelines by FASB on CECL along with intersecting guidelines on Classification and Measurement, Valuations and Hedge accounting will result in major changes in the way most financial institutions account for financial instruments in their books. These along with PCAOB’s auditing standard on accounting estimates makes it pertinent for banks and financial institutions to overhaul their systems to not only cater to the changes in computation but also enable transparency, traceability and auditability.