Financial Instruments: What CPAs Need to Know for 2018 (Completed)

Learn about the new professional standard of Financial Instruments from the FASB. This Accounting Standard Update (ASU 2016-01) represents significant changes in authoritative professional standards concerning financial instruments (financial assets and financial liabilities), their measurements, impairments, and disclosures. Also discussed are “changes to the changes” in the form of newer ASUs. These subjects are explained, discussed, and illustrated for examples.

Who Should Attend
Professionals in public practice, business, industry, government, and education who deal with nonpublic entities and need a course on how to handle the new major issues of financial instruments.

Topics Covered

• The impact of financial instruments, which includes financial assets and financial liabilities leases, will be discussed
• These issues are regarding the reporting of financial assets and financial liabilities
• The measurement of financial assets and financial liabilities
• Issues involving effective dates and the impairment reporting on financial instruments
• Transition to the new standard and effective dates will be dealt with

Learning Objectives

• Identify and apply timely updates on the recently issued new FASB Financial Instruments standard (ASU 2016-01)
• Recognize the ASU 2016-01 standard and its application will impact practically every professional accountant that deals with accounting issues and financial assets and financial liabilities
• Differentiate effective dates, reporting requirements, disclosure requirements, and related matters will be explored

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
None

Advance Preparation
None