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Wednesday, May 27, 2020 Webcast

Accounting for Financial Instruments: Applying the FASB’s Three New Updates (X1-AFI4-2020-01-WEBNR-148-01)

9:00 AM - 12:30 PM EDT
webcast

Webcast

4.0 CPE Credits in AA

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.

DESIGNED FOR

Practicing CPAs and their staff, both in public accounting and business and industry -- controllers, accountants, and other financial accounting personnel involved in financial statement preparation and review.

BENEFITS

  • 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 standard
  • Apply the new accounting guidance related to financial instruments to real-life situations

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

COURSE LEVEL

Intermediate

PREREQUISITES

Experience in financial accounting and reporting.

ADVANCE PREPARATION

None

INSTRUCTOR

Richard Daisley

Richard Daisley, CPA

Surgent Professional Education

Rich is Vice President of Accounting and Auditing Curriculum at Surgent CPE. He is a CPA and has over 30 years of experience in the accounting and auditing field. He has worked in both the client service setting as well as in internal capacities as a facilitator of accounting and auditing courses. He was an assurance manager with PwC, spending time in both the assurance practice as well as with PwC’s Capital Markets and Accounting Advisory Services group, where he advised clients on the implementation of new accounting pronouncements as well as on issues related to public offerings. Rich also worked in PECO Energy’s Merger and Acquisition group, where he performed financial due diligence that supported PECO’s acquisition activity in the energy sector. He has experience in the manufacturing, health care, energy, and pharmaceutical industries. Prior to joining Surgent, Rich also has more than 10 years of experience as a course developer and facilitator, creating and leading training courses on such topics as revenue recognition, stock based compensation, equity instruments and performing integrated audits under the Sarbanes-Oxley legislation. He also designed and delivered courses on instructor development and facilitation skills to senior PwC internal course instructors. In 2015 he joined Surgent as Director, Accounting & Financial Reporting Content. In this role, he manages Surgent’s A&A curriculum, including researching and developing the technical content for Surgent’s Accounting and Financial Reporting curriculum.

PRICING

$129.00 - Member

$139.00 - Non Member

Pre-Registration Closed

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COURSE DEVELOPER

Surgent