70 Pages
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:
After reading the materials, participants 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 prescribe 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
Presentation Method: Self-Study
Category: Accounting
CPE credit: 4 Hours
Program Level: Update
Prerequisites: None
Advance Preparation: None
Exam expiration date: Participants must submit exams for grading within one year from the date of purchase