Since Mr$.$ Dulow is a successful entrepreneur and a pillar of the community. He has been approached by various companies to join their boards and become an active director by assisting these firms in running their company. After reviewing the various offers he decided to join the board of Provident Financial Services, Inc a local bank holding company in Jersey City which trades under the stock ticker PFS$.$ He has been selected to sit on the risk committee for the bank. He has been assigned to oversee the bank's compliance with Current Expected Credit Losses or $$CECL$.$ He has asked you as his outside accounting firm to assist him in getting a better understanding of this standard by providing him a one to two$-$page accounting memo outlining the main concepts.