Financial Instruments Accounting Standards Update Explained (Completed)

ASU 2016-01 and 2016-13
Learn about the new professional standard of Financial Instruments from the FASB. This Accounting Standard Update, Financial Instruments—Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities, (ASU 2016-01) represents significant changes in authoritative professional standards concerning financial instruments (financial assets and financial liabilities), their measurements, impairments, and disclosures. Also included will be a presentation of the CECL model for losses and/or impairments as presented in Financial Instruments—Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments (ASU 2016-13). These subjects are explained and discussed.

Join Pat Patterson, CPA, for this one-hour CPE update on this critical standards and the implementation steps you need to be putting into place.

Who Should Attend
All CPAs in public practice and in industry who deal with the reporting of financial instruments, financial assets, and financial liabilities.

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
• An explanation of the "Current Expected Credit Loss", CECL model
• 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
• Any other related matters or recently issued matters will be examined

Learning Objectives

• Provide users with a timely update on the recently issued new FASB Financial Instruments standard, ASU 2016-01 and ASU 2016-13.
• 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.
• Understanding of the Current Expected Credit Loss model in ASU 2016-13.
• Effective dates, reporting requirements, disclosure requirements, and related matters will be explored

Level
Update

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (1 hour)

Program Prerequisites
Basic understanding of accounting for financial instruments.

Advance Preparation
None