During 2013, the FASB directed its staff to move forward with the drafting of an impairment standard containing a "Current Expected Loss (CECL) Model" with the purpose to better disclose to corporate stakeholders a net realizable measurement for financial assets and liabilities. This FASB measure came about specifically to address the concerns from the Great Recession regarding the true net value of long-term financial assets, like mortgage loan assets held by financial institutions and traded debt, such as the $30 billion in mortgage debt sold to the public during 2008 before it went bankrupt. Currently, Jed Miller is the corporate controller for ABC Corporation looking to purchase high-yielding Citibank mortgage assets at low market price.

As an accountant provide an appraisal of the expected loss model for Mr. Miller of the CECL. and Compare it to the allowance for doubtful accounts for accounts receivables and address the huge monetary loss the CECL model might have saved ABC Corporation, who purchased Lehman mortgage assets in 2008.