The new current expected credit loss (CECL) accounting standard brings fundamental changes to how financial institutions and other non-financial organizations account for credit losses. CECL will also directly impact numerous functions and departments, as it requires key changes to current processes, systems and internal controls. Under the new requirements, credit losses under generally accepted accounting principles (GAAP) move from an “incurred” measurement to a lifetime “expected” loss measurement. This article includes a comparison of changes between the current and new standard, expected ramifications across the financial services industry, and changes to expect from implementation of CECL.