FMN Accounting

FMN - 2021/March, Seg 2 - Current Expected Credit Losses - What You Need to Know

On June 16, 2016 the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326). The new guidance requires organizations to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. It affects organizations that hold financial assets and net investments in leases that are not accounted for at fair value, and amongst other areas on the balance sheet, also affects loans and debt. ASC-326 is certainly a very complex standard. Chris Brown, senior managing director, Forensic & Litigation Consulting at FTI Consulting, discusses in detail the accounting standard and the reasons that drove FASB to issue it.

Learning Objectives:

  • Understand the reasons behind FASB's decision to issue CECL;
  • Identify ways the COVID-19 impacted CECL portfolio specific conditions;
  • Recognize modeling risks associated with CECL and considerations for preparers; and
  • Identify control considerations when developing estimates.


Prerequisites/Advanced Preparation:

Work experience in financial reporting or accounting, or an introductory course in accounting.


Speaker / Author:

Chris Brown, FTI Consulting

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Price (USD)

Standard: $69.90

Details

Course Code : FMN1389-FM

Release Date : 03/08/2021
Expire Date : 10/14/2022
Credits :
CPE 2.00
QAS 2.00

Course Level : Update
Length : 1hr 40min
Course Type : Self-Study

Passing Grade : 70%
Format Type : eLearning
Mobile Compatible
Field Of Study : Accounting

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