Addresses the guidance in the new financial instruments standards and how it differs from current GAAP.
NASBA Field of Study
Understand the background, purpose, and main provisions of the new financial instruments standards through enhanced discussions surrounding different types of loans, available-forsale and held-to-maturity debt securities, and accounting guidance.
Learn how FASB's financial instruments projects reconsider classification and measurement of financial instruments, as well as issues related to impairment of financial instruments.
Revised to reflect updates to the standard from the Transition Resource Group process, this course addresses:
Challenge in Implementation
Understand the challenge in implementation, which will be collecting the significant level of data now required at the segment and class level data sets. The FASB amendments eliminate the probable initial recognition threshold in current GAAP and require forecasting of risk over the contractual term of financial assets
FASB allows an entity to apply methods that reasonably reflect expectations of the credit loss estimate and expects that an entity can leverage its current systems and methods for recording the allowance for credit losses. However, the inputs used to record the allowance for credit losses will need to change to reflect an estimate of expected credit losses and the use of reasonable and supportable.
Group ordering for your team
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