Credit Losses on Financial Instruments

  • Accountant
  • CPA/ABV
  • CPA/CFF
  • CFE
  • CGFM
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • CA - ICAEW
  • CFA
  • IAP
  • QIAL
  • ACCA
  • CIPM
  • CBA/MCBA
  • FPAC
  • CA - Ireland
  • CA - Scotland
  • CPA - Ireland
  • CFIRS
  • CWS

Published: March, 2020

Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Overview of Accounting Standards Update (ASU) No. 2016-13
  • Application of New Accounting Standards
  • Effectiveness of New Accounting Standards for public business entities.
  • Potential SEC comment letters and auditor concerns
  • Measurement of Credit Losses on Financial Instruments

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

Recommended For

  • This online CPE webinar on Accounting is recommended for CPAs, CMAs, CIA, and Other Accounting Professionals who desire to provide the service with updated standards.
  • This Accounting course is also recommended for professionals helping clients with updated accounting services.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Practice Owners
  • Bookkeeper
  • Certified Information Technology Professionals
  • Certified Management Accountant (CMA)
  • CFO/Controller
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Staff of Accounting Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 4 CPE Credit of Accounting & Auditing for Certified Public Accountants (CPA-US)
  • 4 CPE Credit of Financial Accounting for Certified Internal Auditors (CIA)
  • 4 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 4 CE Credit for Certified Wealth Strategist (CWS)
  • 4 General Credit of Accounting for Accountant/Bookeeper
  • 4 CPD Credit of Financial Reporting for Accredited in Business Valuation (ABV)
  • 4 CPD Credit of Financial Reporting for Certified Financial Forensics (CFF)
  • 4 CPE Credit of Accounting for Certified Fraud Examiner (CFE)
  • 4 CPE Credit of Accounting for Certified Government Financial Manager (CGFM)
  • 4 CPE Credit of Accounting & Auditing for Certified Management Accountants (CMA)
  • 4 CPE Credit of Financial accounting for Certified Valuation Analyst (CVA)
  • 4 CPD Credit for CA - ICAEW
  • 4 PL Credit of Accounting for Chartered Financial Analyst (CFA)
  • 4 CPE Credit of Accounting & Auditing (Govt.) for Internal Audit Practitioner (IAP)
  • 4 CPE Credit of Accounting & Auditing (Govt.) for Qualification in Internal Audit Leadership (QIAL)
  • 4 CPD Credit for Chartered Certified Accountants (ACCA)
  • 4 PL Credit of Accounting for Certificate In Investment Performance Measurement (CIPM)
  • 4 CPE Credit of Financial accounting for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
  • 4 CRE Credit of Financial accounting concepts for Certified Corporate FP&A Professional (FPAC)
  • 4 CPD Credit for Chartered Accountants - Ireland (CAI)
  • 4 CPD Credit for Chartered Accountants - Scotland
  • 4 CPD Credit for CPA - Ireland

Additional details

  • Course Level :
    Basic
  • Credits :
    4
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

NASBA APPROVED

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.

Presenter

About Presenter

Kelen Camehl, CPA (US), MBA

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.

About Company


Faq

FAQs content

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