Surgent's Applying the CECL Credit Loss Standard to Non-Banking Situations
4.00 Credits
Member Price $159
Non-Member Price $179
Overview
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.
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
Prerequisites
Experience in financial accounting and reporting
Designed For
All accounting practitioners subject to AICPA standards
Objectives
- 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
Preparation
None
Leader(s):
Leader Bios
Richard Daisley, Surgent McCoy CPE, LLC
Rich Daisley, CPA, Rich is an CPA and has over 25 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. He 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. Rich also has over ten 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.
Non-Member Price $179
Member Price $159