Overview of the Financial Instruments Suite of Standards (Completed)

This course will cover ASU 2016-01, ASU 2016-13 and ASU 2017-12 and related amendments. ASU 2016-01 makes targeted changes to the recognition and measurement of financial instruments. It creates a new OCI item will changing the subsequent measurement for equity securities. We’ll then change our focus and look at the new credit loss standard issued by the FASB. The Current Expected Credit Loss model, introduced in ASU 2016-13, will impact any financial assets that are recognized using a held to maturity or amortized cost basis. Major changes to the inputs in models will require all entities to take a closer look at how they measure their financial assets including some as basic as their accounts receivable! Finally, we’ll address some of the simplifications offered under the new hedge accounting standards in ASU 2017-12. We’ll also address the amendments issued by FASB as part of the implementation phase.

Who Should Attend
All CPAs in public practice and all who work in the financial products industry.

Topics Covered

• ASU 2016-01, ASU 2016-13 and ASU 2017-12 and related amendments
• The new credit loss standard issued by the FASB
• Major changes to the inputs in models
• Address some of the simplifications offered under the new hedge accounting standards in ASU 2017-12

Learning Objectives

• Identify and apply the latest Accounting Standards Updates and related amendments
• Recognize the new credit loss standard issued by the FASB

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
None

Advance Preparation
None