Accounting For Financial Instruments: Applying The FASB's Three New Updates WEBCAST

Wednesday, September 16 8:00am - 11:30am

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4 Credits

Member Price $155.00

Non-Member Price $205.00

Overview

With the recent completion of its financial instruments project, the FASB has made some significant changes to how an entity accounts for many of its financial instruments. While the effective date for ASU No. 2016-01 is now behind us, new guidance on impairment - including its application to accounts receivable balances (ASU No. 2016-13), hedging (ASU No. 2017-12), as well as updates to guidance on marketable equity securities will challenge all entities, not just those in the financial services industry. This means you. In this course, we’ll review the new guidance in each of these areas and how it varies from existing guidance in these key areas. Specifically, we’ll review the details of the new Current Estimate of Credit Losses (CECL) model will impact applicable assets, including A/R balances. Next, we’ll discuss what’s changed in hedge accounting and how these changes may make hedging transactions more appealing to smaller entities. Lastly, we’ll explore the recent updates to the accounting guidance on equity securities. As almost all entities have some financial instruments that are within the scope of one or more of these new updates, now is the time for you to get up to speed on this significant new guidance.

Highlights

Key provisions of each of the FASB’s new Updates related to financial instruments, dealing with recognition and measurement, impairment, and hedging. Differences between the new accounting guidance and existing GAAP related to accounting for financial instruments. Challenges when implementing the FASB’s new guidance on financial instruments. Examples of applying the new guidance to real-life situations.

Prerequisites

Experience in financial accounting and reporting

Objectives

Recall the key provisions of the new FASB Updates dealing with recognition and measurement of equity securities, impairment, and hedging. Review the changes from current accounting guidance resulting from the issuance of these new updates. Identify key challenges in implementing the FASB’s new financial instrument standards. Apply the new accounting guidance related to financial instruments to real-life situations.

Preparation

None

Notice

None

Leader(s):

Leaders

Curtis Quickel

Curtis is an individual practitioner and has spent several years in industry as a Corporate Controller. Most recently he served as Controller of the region’s largest electronics distributor, with offices located in twenty states. As a Lieutenant Colonel in the U.S. Army Reserve, he teaches classes at the U.S. Army’s Command and General Staff College in Fort Leavenworth. He recently served an eight month tour of duty with the US Army at the Combined Central Command Center in Kuwait, in support of Operation Iraqi Freedom. He is a Past President of the Central Chapter of the Arkansas Society of CPAs, and Past Chairman of the Industry and Commerce Committee.

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Non-Member Price $205.00

Member Price $155.00