Credit Losses on Financial Instruments

This course provides an in-depth overview of Accounting Standards Update (ASU) No. 2016-13, Measurement of Credit Losses on Financial Instruments, issued by the Financial Accounting Standards Board (FASB) in June 2016.  The new standard will apply to nearly all entities, not just those in the financial services industry, and will change how entities document and account for credit impairment on their respective financial instruments.  This new standard is effective for public business entities for annual periods beginning after December 15, 2019 and interim periods therein.  As such, this means that calendar-year SEC filers will have to apply the new requirements starting in first quarter 2020.    

Learning Objectives

Upon completion of this course, you will be able to:

·       Identify the key provisions as it relates to ASU No. 2016-13

·       Recognize key background information as it relates to the development of ASU No. 2016-13

·       Recognize the credit loss measurement requirements for assets measured at amortized cost and available-for-sale debt securities

·       Identify the incremental financial statement disclosure requirements as a result of ASU No. 2016-13

·       Identify the effective date and transition requirements

·       Differentiate the requirements prescribed by ASU No. 2016-13 and IFRS 9

·       Recognize recent developments affecting entities who are required to apply the amendments in ASU No. 2016-13

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
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