Financial reporting of credit losses on financial instruments is changing - will you be ready? In June of 2016, the FASB issued ASU No. 2016-13. The new standard will apply to nearly all entities, not just those in the financial services industry. In this course, you will learn about new financial statement disclosures for both assets measured at amortized cost and available-for-sale debt securities. ASU No. 2016-13 will require significant changes to financial statements, including earlier reporting of losses. If your practice deals with clients who own financial instruments, then this is important information that you need to know.
Upon successful completion of this course, participants will be able to:
- Identify the provisions of ASU No. 2016-13
- Identify information related to the development of ASU No. 2016-13
- Identify the credit loss measurement requirements for assets measured at amortized cost and available-for-sale debt securities
- Identify the incremental financial statement disclosure requirements of ASU No. 2016-13
- Identify the effective date and transition requirements
- Differentiate the requirements prescribed by ASU No. 2016-13 and IFRS 9
- Identify recent developments affecting entities who are required to apply the amendments in ASU No. 2016-13
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