Reviewed On : January, 2024
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:
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MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.
Advisor, Kelen Camehl CPA
Kelen is a recognized author and reviewer of CPE courses and has authored over 85 courses (225+ 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 has also remained involved in CPA exam content development for nearly 10 years and has 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 over 15 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Consultant with HP, Inc. in Dallas, TX. Most recently he was located in Budapest, Hungary on a three-year international assignment and served in the company’s Houston, TX location prior to this assignment. 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.
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