Financial Instruments: What CPAs Need to Know for 2020

Author: Pat Patterson

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