Short Description: 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.Required: As an accountant of ABC Corporation, after reading the two articles in required reading and locating two additional peer-reviewed sources on the topic, provide an appraisal of the expected loss model for Mr. Miller of the CECL. Be sure to 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.Your well-written paper must be 8-10 pages, in addition to title and reference pages. The paper should be formatted according to the CSU-Global Guide to Writing and APA Requirements. Cite at least five peer-reviewed or academic sources, in addition to the required reading for the module. Here are the two articles needed Proposed Accounting Standards Update (ASU), Financial Instruments--Credit Losses (ASC 825-15) (Part 2).(cover story). (2013). GAAP Update Service, 13(4), 1-8. Weiss, J. (2013). Proposed accounting standards update: (ASU), Financial instruments--Credit losses (ASC 825-15) (Part 1) . (cover story). GAAP Update Service, 13(3), 1-8.