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Understanding FASB's Current Expected Credit Loss (CECL) Model

Gain a better understanding of FASB's new CECL standards and the changes it brings to credit loss accounting.

Financial assets recognized at amortized cost or as available-for-sale debt securities and unrecognized lending commitments are subject to assessment for credit impairment losses under US GAAP. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which amends current US GAAP requirements for recognition and measurement of credit losses on investments in debt instruments and off-balance sheet credit exposures by replacing the incurred loss methodology with an expected loss methodology. These changes will significantly impact financial services and other companies with loans, other receivables, available-for-sale debt securities, and off-balance sheet lending exposures. This topic will help those responsible for implementing accounting policies and processes for identification and measurement of credit losses on financial instruments understand the new requirements of ASU 2016-13, including the scope, recognition and measurement, and disclosure provisions of this ASU. The information also explains some of the more challenging implementation and interpretative issues that have been addressed or that are currently being discussed in practice. You will be able to identify the key impacts of this new ASU and some of the more challenging implementation issues, which is critical to the eventual implementation of the new guidance.

Runtime: 97 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Scope of the ASU

Key Recognition and Measurement Provisions Applicable to Debt Instruments Carried at Amortized Cost and Unrecognized Credit Commitments

How the Impairment Guidance in the ASU Differs From Current GAAP

The Specialized Guidance That Applies to Acquired Credit-Impaired Financial Assets

Key Changes to the Accounting for Impairment of Available-For-Sale Debt Securities

Disclosure Requirements

Effective Date and Transition

Implementation and Interpretative Issues Discussed by the Credit Loss TRG

Hot Topics Being Discussed in Practice

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on January 16, 2018.

Call 1-866-352-9540 for further credit information.

  • Enrolled Agents 2.0
     
  • This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.7
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.75
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.75
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.75
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.75
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Ashley W. Carpenter

Deloitte Advisory

  • Audit Partner in the National Office Accounting Consultation at Deloitte & Touche LLP
  • Currently serving as an audit partner in Deloitte’s National Office and as the engagement quality control review partner for Discover Financial Services and First National of Nebraska
  • Responsibilities include clearing technical accounting positions on complex financial reporting issues under US GAAP and IFRS; participating in Deloitte’s review and comment letter process on FASB and IASB standard-setting proposals; and participating in discussions with the SEC, other large accounting firms, and industry groups on various financial reporting matters
  • Nineteen years of accounting and auditing experience, with a focus on the financial services industry, including global financial institutions, national and regional banks, mortgage banking institutions, leasing and finance companies, brokers and dealers in securities, and investment managers
  • Relevant experience includes direct audit experience; work in the Accounting Policy Department of a global financial institution; and consultation on complex and unique accounting issues as Practice Fellow in the Office of the Chief Accountant of the SEC and the National Office of Deloitte
  • Experience includes derivatives and hedging, allowance for loan losses, mortgage and credit cards, consolidation matters involving variable interest entities, debt restructuring, debt and equity securities, liabilities and equity, transfers of financial assets, servicing assets, earnings per share, fair value measurements, cash flow statement presentation, share-based payments, and income taxes
  • B.S. degree in accounting, University of North Carolina, Charlotte
  • Can be contacted at [email protected]
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Why Lorman?

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Product ID: 401647
Published 2018
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