This course provides an in-depth overview of Accounting Standards Update (ASU) No. 2016-13, Measurement of Credit Losses on Financial Instruments, issued by the Financial Accounting Standards Board (FASB) in June 2016.

The new standard will apply to nearly all entities, not just those in the financial services industry, and will change how entities document and account for credit impairment on their respective financial instruments.

This new standard is effective for public business entities for annual periods beginning after December 15, 2019 and interim periods therein. As such, this means that calendar-year SEC filers will have to apply the new requirements starting in first quarter 2020.

Learning Objectives
  • Identify the key provisions as it relates to ASU No. 2016-13.
  • Recognize key background information as it relates to the development of ASU No. 2016-13.
  • Recognize the credit loss measurement requirements for assets measured at amortized cost and available-for-sale debt securities.
  • Identify the incremental financial statement disclosure requirements as a result of ASU No. 2016-13.
  • Identify the effective date and transition requirements.
  • Explore and differentiate the requirements prescribe by ASU No. 2016-13 and IFRS 9.
  • Recognize recent developments affecting entities who are required to apply the amendments in ASU No. 2016-13.
Last updated/reviewed: March 23, 2024
19 Reviews (83 ratings)

Reviews

4
Anonymous Author
This is a long and complex topic. While the examples were illustrative and effective, it would have been nice to have more examples sprinkled throughout the material to get illustration before moving onto a new topic.
5
Member's Profile
This is the first course I've done on Illumeo with written materials. I liked it. This topic is relevant to change we are making and I took notes more easily using this learning methodology.
4
Anonymous Author
Comprehensive review. Very information heavy, takes awhile to get through all of the content. Write up is very helpful in preparing for the review questions. Good review of the new standard.
4
Anonymous Author
The course is mostly organized. I sometimes had difficulty in getting through the various examples that seemed to be similar as I was looking for the differences among them.
5
Member's Profile
Long course, lots of information. However, it highlights main points of the guidance along with some examples. A good digest of the actual FASB pronouncement.
5
Anonymous Author
Good overview of the Credit Loss changes with helpful text material to refer back to when implementing or as needed for a refresher.
5
Anonymous Author
Deep dive into CECL - also covered the differences in CECL vs IFRS 9. As I work with both standards this was a helpful refresh
5
Anonymous Author
A lot of information is packed in to this one, could have been a good video lecture. Thorough, well presented.
5
Anonymous Author
great content. clearly written and explained - a helpful guide and examination for the key pieces of CECL
4
Member's Profile
Kelen’s publication on Credit Losses was well prepared. Would be better with audio / visual media.
4
Member's Profile
Good material, a little hard to get thru just reading it would have liked a presentation verision
4
Anonymous Author
Material is good, but I'm a slow reader so I'll likely avoid text based courses moving forward.
5
Anonymous Author
Text based. Clear to understand. Easy to use. and i need to write more in order to submit.
5
Member's Profile
Very easy to understand. As an accountant this new update is very usual.
5
Anonymous Author
Great course and very informative. I feel prepared to tackle CECL now!
5
Anonymous Author
This topic was relevant and the instruction was clear yet descriptive.
5
Member's Profile
This one was really tough but thorough. A good topic to review.
5
Anonymous Author
Good overview of asc 326 including comparison to ifrs 9.
5
Anonymous Author
I enjoyed the course, and I found it very informative.
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Prerequisites
Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
  Course Overview CPE
Course Syllabus
SUPPORTING MATERIAL
  Credit Losses on Financial InstrumentsPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam