Financial Reporting Issues

Credit Losses on Financial Instruments - ASU 2016-13 (Updated)

This course provides an overview of the new credit losses standard issued by the Financial Accounting Standards Board (FASB) in June 2016. The new standard (issued through ASU No. 2016-13) applies to nearly all entities, not just those in the financial services industry, and changes 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. For other entities, given certain delays issued by the FASB, it is effective at later dates.

Learning Objectives:

  • Identify the key provisions of the new credit loss standard.
  • 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 the new standard.
  • Identify the effective date and transition requirements.
  • Recognize recent developments (i.e., ASUs) which impact the initial release of the new standard.


Prerequisites/Advanced Preparation:

None


Speaker / Author:

Kelen Camehl is a CPA with over 14 years of progressive finance and accounting experience. Currently, he serves as a technical accounting advisor with HP. Prior to this role, he served in multiple accounting roles in the oil & gas industry with ConocoPhillips including technical accounting policy, SOX compliance, and internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors.

Kelen has remained actively involved in CPA exam content development for the past seven years and has authored in excess of a thousand multiple choice questions for sections of the exam, attending workshops with the AICPA across the country each year. He serves as an Editorial Advisor for the AICPA’s "Journal of Accountancy", as well as both an author and technical reviewer for Continuing Professional Education (CPE) courses published by the AICPA, Wolters Kluwers (CCH), and PDH Academy. He also contributes to CPE course development for SmartPros.

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Price (USD)

Standard: $74.85

Details

Course Code : 99CAM04-v2

Release Date : 11/05/2020
Expire Date : 11/30/2022
Credits :
CPE 3.00
QAS 3.00

Length : 2hr 30min
Course Level : Basic
Course Type : Self-Study
Passing Grade : 70%
Format Type : eLearning
Mobile Compatible
Field Of Study : Accounting

Theme : Financial Reporting Issues

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