Financial Instruments: What CPAs Need to Know for 2020 (Currently Unavailable)

Author: Pat Patterson

CPE Credit:  2 hours for CPAs

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.

Publication Date: February 2020

Designed For
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

  • Review of background of changes to financial instruments
  • Review of impact on selected issued standards
  • Illustration of Changes
  • Update on other important issues
  • 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
  • Recognize Measurement of Credit Losses on Financial Instruments
  • Identify which amendment clarifies the guidance for business combinations

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
None

Advance Preparation
None

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