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The FASB issued a new credit loss accounting standard that makes significant changes for recognition, measurement, and disclosures for estimated credit losses on financial assets. Not only does this new standard have a significant impact on banks and other financial intermediaries making loans, it also affects all reporting entities across all industries because it applies broadly to financial instruments, including accounts receivable. This new standard has far-reaching implications for companies because it impacts operations, data management, and internal controls over financial reporting. The course will cover implementation of the new standard and detail appropriate governance.

Objectives

Participants will be able to:

  • Identify differences between legacy incurred credit loss guidance and the new current expected credit loss standard
  • Understand the FASB's financial asset investments approach
  • Account for off-balance-sheet credit exposures
  • Understand the CECL model in ASC 326-20
  • Understand Available-For-Sale impairment in ASC 326-30
  • Properly present and disclose credit loss estimates
  • Plan for the new standard implementation
  • Establish good governance

Highlights

  • Introduction to financial assets and credit losses
  • ASC 326, Financial Instruments-Credit Losses
  • ASC 326-20 the CECL model
  • ASC 326-30 Available-For-Sale financial asset impairment
  • Presentation and disclosure
  • Implementation
  • Governance

Who Will Benefit

CPAs, accountants, treasurers, and other financial professional professionals that make financial asset investment decisions and that account for financial asset investments.

Credits

Category Amount
Accounting 8.00