Applying the CECL Credit Loss Standard to Non-Banking Situations  (CEC4)

4.00 CPE Credit Hours

Starting in 2023, all entities record credit losses using the current estimate of credit loss (CECL) model, which accelerates the recognition of such losses for all companies, including non-lending institutions and companies with trade accounts and leases receivable. This 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 review the voluminous disclosures required by ASC 326.

All accounting practitioners subject to AICPA standards

• 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

• 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