Author : | Steven C Fustolo, CPA, MBA |
Course Length : | Pages: 48 ||| Word Count: 12,392 ||| Review Questions: 10 ||| Final Exam Questions: 10 |
CPE Credits : | 2.0 |
IRS Credits : | 0 |
Price : | $17.95 |
Passing Score : | 70% |
Course Type: | NASBA QAS - Text - NASBA Registry |
Technical Designation: | Technical |
Primary Subject-Field Of Study: | Accounting - Accounting for Course Id 2262 |
Description : | The objective of this course is to address the changes made by ASU 2016-13 to the recording of credit losses on financial instruments. ASU 2016-13 introduces new ASC 326 and its new expected credit losses model which replaces the current incurred loss model. ASU 2016-13 provides financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. Topics include reviewing examples of types of assets subject to the expected credit loss model, how to present the new allowance for credit losses on the balance sheet, considering historical, current conditions and forecasted future information to measure credit losses, how to use the new model for trade receivables, loans, held-to-maturity debt securities, the new impairment model for available-for-sale debt securities, examples of entities under common control exempt from the model, disclosures, and more. |
Usage Rank : | 12857 |
Release : | 2024 |
Version : | 1.0 |
Prerequisites : | Basic understanding of U.S. GAAP and existing lease accounting. |
Experience Level : | Overview |
Additional Contents : | Complete, no additional material needed. |
Additional Links : |
Allowance For Credit Losses
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Advance Preparation : | None. |
Delivery Method : | QAS Self Study |
Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
Revision Date : | 08-Apr-2024 |
NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
Approved Audience : | NASBA QAS - Text - NASBA Registry - 2262 |
Keywords : | Accounting, New, Allowance, Credit, Losses, ASU, 2016-13, Financial, Instruments, Credit, Losses, Topic, 326, cpe, cpa, online course |
Learning Objectives : |
Course Learning Objectives After reading this course, you will be able to:
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Course Contents : | Chapter 1 - The New Allowance for Credit Losses: ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326) I. Objective II. Background A. Existing GAAP- Incurred Loss Model B. New ASC 326, Financial Instruments- Credit Losses C. Recent FASB ASUs Targeted at ASC 326’s Credit Losses III. ASU 2016-13 Amendments IV. ASC 326-20 Expected Credit Loss Model A. Overall Scope of ASC 326-20 B. General Amendments to ASC 326-20 Made by ASU 2016-13 C. New Expected Credit Loss Model D. Subsequent Measurement -Reporting Changes in Expected Credit Losses E. Financial Statement Presentation of Allowance Balance and Activity F. Loans and Trade Receivables- Common Control G. Examples from ASU 2016-13 H. Financial Assets Secured by Collateral I. Purchased Financial Assets With Credit Deterioration NEW per ASC 326-10 Review Questions V. Held-to-Maturity Debt Securities- ASC 326-20 A. Basic GAAP Rules- Debt Securities-ASC 320 B. Held-to-Maturity (HTM) Debt Securities and ASC 326-20 C. HTM Debt Securities and the Expected Credit Loss Model in ASC 326-20 D. Investments in Certificates of Deposit (CDs) and Money Market Accounts VI. Available-For-Sale Debt Securities- Impairment- ASC 326-30 IX. Implementation of ASU 2016-13 Review Questions Sample Disclosures - ASU 2016-13 Glossary |
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