Surgent's Accounting and Auditing Credit Losses Under ASC 326 - On-Demand Webcast

Overview

ASC 326 significantly changes the accounting for credit losses. Given its pervasive scope, virtually every company will need to at least assess the impact of the new ASC 326 guidance and potentially record a material adjustment to implement the new accounting guidance.

In this module, we will review the scope of ASC 326, the key provisions of the accounting model and how entities can estimate credit losses for a variety of in-scope financial assets. As the CECL and other credit loss methodologies under ASC 326 represent accounting estimates, the module will also review both the current and soon to be effective auditing guidance related to this often complex area. (Please Note: This module is part of Surgent’s Audit Skills Training: Level 5.)

Highlights

Scope and overview of ASC 326
Applying ASC 326 and the CECL model
Transitioning to ASC 326
Presentation and disclosure requirements of ASC 326
Auditing accounting estimates
Key changes to auditing estimates due to the issuance of ASC 326

Prerequisites

None

Designed For

Accountants who have an intermediate level of audit experience

Objectives

Identify key components of ASC 326 and the CECL model
Recall the scope of ASC 326
Identify common models used to estimate credit losses
Recall how to transition to ASC 326
Recall key presentation and disclosure requirements of ASC 326
Recall key approaches to auditing accounting estimates
Identify the key provisions of SAS 143