act480 mod 8
I am the credit controller of ABC Corporation and I have incorporated the use of contemporary financial management and resolution tools in the management of finances in the company. The 2008 recession is one that has had a rather great impact on the current environment and this is because it affected many companies and individuals towards the end of the first decade of the 21st century. Companies went through numerous losses and the reason for this is the fact that their accounts had not been well managed by the various people associated with the institutions.
ABC is one of the companies that went through numerous challenges and the reason for this is that it was using Allowance for Doubtful Accounts method of recording information for the company. The method indicated here is not quit effective and after the recession it engaged in Current Expected Loss (CECL) Model in managing the finances of the company. Going through the manner that I as the credit manager managed to incorporate this method and reviewing the loss model is imperative in having people understand the manner through which the method enabled the company save itself in 2008 while purchasing Lehman mortgage assets.
(2,660 words)