2:00 – 4:00 pm ET
2 hrs CPE/CPD in Auditing
Program Level: Intermediate
The Financial Accounting Standards Board’s (FASB) new standard on estimating current expected credit losses (CECL) will change the existing accounting and reporting rules for the impairment of financial instruments by incorporating an expected losses approach rather than incurred losses.
This session will:
• Provide you an overall explanation of the key requirements of ASC Topic 326.
• Help you understand the details and challenges involving the implementation and the auditing of such transactions
• Assist you in identifying existing information gaps as well as the potential changes to a private company’s internal controls and processes for adopting ASC Topic 326.
• Discuss the key financial statement disclosure requirements
Who is the course designed for:
CPA firms and sole practitioners who perform audit services for small to mid-size private entities.
• New financial instruments credit loss standard in ASC Topic 326, including various implementation guidance examples and illustrative disclosures
• How to properly audit such financials instruments under Professional Standards
|Mr. Collemi brings more than two decades of experience with U.S. and international financial reporting and professional standards, corporate governance and risk management practices of public accounting firms. Collemi Consulting & Advisory Services, LLC’s mission is to strive to promote and enhance global audit quality. His practice provides outsourced high-level strategic and technical guidance to external auditors, litigation attorneys, C-suite, valuation experts and institutions that support the CPA profession. Services include a full range of U.S. and International accounting & auditing consultations, technical reviews of financial statements and workpapers, AICPA Peer Review & PCAOB Inspection preparation, perform internal inspections, customized CPE training, independence & ethics consultations, financial statement preparation, bookkeeping, time & billing, etc. Mr. Collemi is also available as a keynote speaker at company retreats.|
As a former Staff Accountant in the Division of Corporation Finance, a Technical Manager in the National Peer Review Program and national office technical partner at leading institutions such as the SEC, AICPA and several mid-size to large international public accounting firms, Mr. Collemi has demonstrated the impact of U.S. and International financial reporting, internal control systems and regulatory compliance acumen as they affect privately-held and publicly-traded companies.
As a recognized subject matter expert on IFRS, Mr. Collemi was named by the AICPA as an official participant in the development and review of IFRS questions for the Uniform CPA Examination and served as the IFRS Expert-at-Large for the AICPA Board of Examiners Content Committee from 2011-2014.