Course ID: CECL

Current Expected Credit Losses (CECL) (ASC Topic 326)

The Financial Accounting Standards Board’s (FASB) new standard on estimating current expected credit losses (CECL) will change the existing accounting and reporting rules for the impairment of financial instruments by incorporating an expected losses approach rather than incurred losses. In addition, we will address various hot topics in accounting and auditing.

This session will:

• Provide you an overall explanation of the key requirements of ASC Topic 326.
• Help you understand the details and challenges involving the implementation and the auditing of such transactions
• Assist you in identifying existing information gaps as well as the potential changes to a private company’s internal controls and processes for adopting ASC Topic 326.
• Discuss the key financial statement disclosure requirements
• Various hot topics in accounting and auditing.

Learning Objectives

After completing this session, you will be able to:

  • Identify how to prepare for the new accounting and reporting requirements in ASC Topic 326 for recording and disclosing estimated credit losses and impairment of certain debt securities and other financial instruments. You’ll gain an understanding of the new standard’s goals, learn what changes to implement in preparation of adoption in 2023, and discover how to effectively and accurately estimate, measure, report and properly audit credit losses.
  • Identify the various hot topics in accounting and auditing in order to prepare for upcoming busy season 2022 – 2023.
Major Topics

• New financial instruments credit loss standard in ASC Topic 326, including various implementation guidance examples and illustrative disclosures
• How to properly audit such financials instruments under Professional Standards
• Address various hot topics in accounting and auditing impacting the 2022 – 2023 busy season

Who Should Attend

CPA firms and sole practitioners who perform audit services for small to mid-size private entities.

Fields of Study
Accounting, Auditing
Prerequisites

CPA firms and sole practitioners who have experience performing audit services for small to mid-size private entities.

Provider
Business Learning Institute
CPE Credits
4
Level
Intermediate

This course is available for your group as:

 

Let's Roll!

To learn more or customize this course for your group, complete this form and a BLI team member will get back with you shortly.

Or, contact BLI: or team@blionline.org
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