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.
After completing this session, you will be able to:
• 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
CPA firms and sole practitioners who perform audit services for small to mid-size private entities.
CPA firms and sole practitioners who have experience performing audit services for small to mid-size private entities.
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