This course provides an in-depth overview of Accounting Standards Update (ASU) No. 2016-13, Measurement of Credit Losses on Financial Instruments, issued by the Financial Accounting Standards Board (FASB) in June 2016. The new standard applies to nearly all entities, not just those in the financial services industry, and changes how entities document and account for credit impairment on their respective financial instruments. This new standard was effective for public business entities for annual periods beginning after December 15, 2019 and interim periods therein. As such, this means that calendar-year SEC filers started applying the new requirements starting in the first quarter of 2020.
Course Publication Date:
March 23, 2023
This course is available with
NO ADDITIONAL FEE if you have an active
self study membership or
all access membership or can be purchased for
$40.00!
| Author: | Kelen Camehl |
| Course No: | ACT-LOSS-8023 |
| Recommended CPE: | 4.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Overview |
| Prerequisites: | None |
| Advanced Preparation: | None |
| Recommended Field of Study: | Accounting
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Learning Objectives
- Identify the key provisions as it relates to ASU No. 2016-13.
- Recognize key background information as it relates to the development of ASU No. 2016-13.
- Recognize the credit loss measurement requirements for assets measured at amortized cost and available-for-sale debt securities.
- Identify the incremental financial statement disclosure requirements as a result of ASU No. 2016-13.
- Identify the effective date and transition requirements.
- Differentiate the requirements prescribed by ASU No. 2016-13 and IFRS 9.
- Recognize recent developments affecting entities who are required to apply the amendments in ASU No. 2016-13.