The effective date for private companies of ASC 326, Credit Losses, is rapidly approaching. Staring in 2023, all entities will be recording credit losses using the current estimate of credit loss (CECL) model, which will accelerate the recognition of such losses for all companies, including non-lending institutions and companies with trade accounts and leases receivable. This new guidance truly impacts all entities.
In this course, we’ll focus on applying the ASC 326 guidance to non-lending institutions. We’ll review the CECL model and discuss how to apply it to trade accounts receivables and lease receivables, as well as the other financial assets which are in the scope of the new guidance. We’ll also examine how to transition to the CECL guidance as well as review the new and voluminous disclosures required by ASC 326.
2023 is right around the corner and now is the time to get up to speed on the impact of this new guidance.
This course features a live instructor and has been specifically designed for the NJCPA.
DESIGNED FOR
All accounting practitioners subject to AICPA standards
BENEFITS
- Identify the key provisions of ASC 326
- Recall how to apply these provisions to trade and lease receivables
- Recall the disclosure requirements for CECL
- Identify approaches to audit the transition to and ongoing accounting for CECL
HIGHLIGHTS
- Overview of ASC 326, Credit Losses
- Application of ASC 326 to non-lending institutions
- CECL transition and disclosures
- Audit considerations related to the adoption and ongoing accounting for CECL
COURSE LEVEL
Update
PREREQUISITES
Experience in financial accounting and reporting
ADVANCE PREPARATION
None