Surgent's Accounting and Auditing Credit Losses Under ASC 326

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

Preparation

None

Notice

This on-demand webcast can be taken at any time of your choosing and is valid for one year from the date of purchase. No live instructor is present, and an exam is required to earn credit. You must score 70% or higher to earn the certificate.

How do I access my Self-Study Package?

Visit https://www.surgentcpe.com/login and enter your username (your LCPA email address) and password. If you do not remember your password, press the "Forgot?" button to receive a password reset email. Once logged in, the page will refresh to display your account menu on the left side.