Topics covered include: The impact of financial instruments, which includes financial assets and financial liabilities leases, will be discussed; These issues are regarding the reporting of financial assets and financial liabilities; The measurement of financial assets and financial liabilities; Issues involving effective dates and the impairment reporting on financial instruments; Transition to the new standard and effective dates will be dealt with; Brief review of professional standards; Review of FASB ASU 2016-01; Impact of ASU 2016-01; Review of FASB ASU 2016-13; Impact of ASU 2016-13; What is a Financial Instrument CECL vs IFRS 9. Upon completion of this course, you should be able to: Identify and apply timely updates on the recently issued new FASB Financial Instruments standard (ASU 2016-01); Recognize the ASU 2016-01 standard and its application will impact practically every professional accountant that deals with accounting issues and financial assets and financial liabilities; Differentiate effective dates, reporting requirements, disclosure requirements, and related matters will be explored; Identify the objective of the amendments in ASU No. 2016-01 (Topic 825), Recognition and Measurement of Financial Assets and Financial Liabilities; Recognize changes to ASU No. 2016-13 (Topic 326), Measurement of Credit Losses on Financial Instruments; Describe the three-bucket impairment model used by the International Accounting Standards Board (IASB) bases measurement of credit loss; Identify similarities between IFRS 9 and the CECL model for measuring credit losses; Differentiate reason the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) disagreed on how to measure credit losses; Recognize the purpose of ASU No. 2018-01; Identify allowance for credit losses; Describe the amendments in ASU No. 2016-01 (Topic 825) require reclassification from accumulating other comprehensive income to retained earnings; Identify why the Financial Crisis Advisory Group (FCAG) was created; Differentiate what is considered a financial instrument; Recognize how fair value provides a better starting point for understanding and analyzing credit risk; Identify when the new leasing guidance is required to be on a balance sheet.