Understanding FASB’s ASU 2016-13 on Credit Losses

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4 Credits

Subject Area

Accounting

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Course Description
Course Qualification
Presenter
FAQ

Course Description

The Financial Accounting Standards Board (FASB) issued final guidance that significantly changed how entities measure credit losses for most financial assets and certain other instruments that aren’t measured at fair value through net income. Through this new amendment outlined in Accounting Standard Codification (ASC) 326, the FASB answered the critics that the current accounting and reporting guidelines will not be able to recognize credit losses in time as compared to the previous delayed reporting. In order to execute this, the new standard replaces the current “incurred loss” approach with an “expected loss” approach model. The new standard simplifies the accounting model for purchased credit-impaired debt securities and loans.
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 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 the first quarter of 2020.
This online Course on Accounting will cover the following key aspects:
Main provisions of the ASU
Assets measured at amortized cost
The initial measurement of expected losses
Subsequent measurement of expected credit losses
Illustrative examples
Financial statement disclosures
Available-for-sale Debt Securities
Recent Developments
Comparison to IFRS 9
If you want to learn more about QuickBooks, we have customized certificate courses for you: Beginners | Advanced | Comprehensive.

Learning Objectives

To identify the key provisions as it relates to ASU No. 2016-13
To recognize key background information as it relates to the development of ASU No. 2016-13
To recognize the credit loss measurement requirements for assets measured at amortized cost and available-for-sale debt securities
To identify the incremental financial statement disclosure requirements as a result of ASU No. 2016-13
To identify the effective date and transition requirements
To differentiate the requirements prescribed by ASU no. 2016-13 and IFRS 9
To recognize recent developments affecting entities who are required to apply the amendments in ASU No. 2016-13

Course Qualification

Webinar Qualifies For

4 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
4 CPE Credit of Financial Accounting for Certified Internal Auditors (CIA)
4 CPE Credit of Accounting & Auditing for Certified Management Accountants (CMA)
4 PL Credit of Accounting for Chartered Financial Analyst (CFA)
4 CPE Credit of Accounting for Certified Government Financial Manager (CGFM)
4 CPE Credit of Accounting for Internal Audit Practitioner (IAP)
4 CPD Credit for Association of Chartered Certified Accountants (ACCA)
4 CPD Credit for Chartered Accountant - ICAEW
4 CPE Credit of Accounting for Qualification in Internal Audit Leadership (QIAL)
4 CPE Credit of Accounting for Certified Fraud Examiner (CFE)
4 CPE Credit of Financial accounting for Certified Valuation Analyst (CVA)
4 PL Credit of Accounting for CIPM
4 CPE Credit of Financial accounting for Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA)
4 CE Credit of Financial accounting concepts for Certified FP&A Professional (FP&A)
4 CPD Credit for Chartered Accountants - Ireland (CAI)
4 CPD Credit for Chartered Accountants - Scotland
4 CPD Credit for CPA - Ireland
4 CPD Credit of Financial Reporting for Certified Financial Forensics (CFF)

Additional details

Course Level :

Basic
Credits :

4
Pre-requisites :

None
Advance Preparation :

None

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Presenter

About Presenter

Kelen Camehl, CPA (US), MBA

Kelen is a recognized author and reviewer of CPE courses and has authored over 150 courses (370+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. His courses are available for purchase from many online CPE providers including the AICPA. Kelen remained involved in CPA exam content development for nearly 10 years and authored more than a thousand multiple choice questions for various sections of the CPA exam. He also serves as an Editorial Advisor for the AICPA’s "Journal of Accountancy". 

Kelen has nearly 20 years of progressive finance and accounting experience. He currently serves as a Principal in Accounting Policy with HP in Doha, Qatar. Prior to HP, 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.

About Company

HP

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Our vision is to create a world where innovation drives extraordinary contributions to humanity. This vision guides everything we do, how we do it, and why we do it.
Our technology – a product and service portfolio of personal systems, printers, and 3D printing solutions – was created to inspire our vision and we are doing everything in our power across climate action, human rights, and digital equity to make it so.
We believe thoughtful ideas can come from anyone, anywhere, at any time. And all it takes is one to change the world.

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