GAAP Overhaul: How New Accounting Principles Affect Your Borrowers
Generally accepted accounting principles (GAAP) have tended to change very slowly, but in recent years the Financial Accounting Standards Board (FASB) has introduced several new principles that do impact the financial statements of borrowers
Finance & Accounting
1 Hours
Description
We tend to take accounting for granted—debits equal credits, total assets equal total liabilities and stockholder’s equity. Generally accepted accounting principles (GAAP) are generally accepted because they do not change often, and when they do, there are good reasons for the change.
However, business and the economy do change over time, and several new principles warrant review to understand how they will affect both borrowers and lenders.
Course Objectives
Several new principles warrant review to understand how they will affect both borrowers and lenders--new GAAP for revenue recognition, lease capitalization, current expected credit losses (CECL) as well as changes to not-for-profit financials.
Much of the change in GAAP in recent years is the result of collaboration between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) to bring US and international accounting principles closer together. At some point, both groups decided they were as close as they would be likely to get on several key concepts—revenue recognition, lease capitalization, and CECL. In addition, FASB decided to revise financial statement disclosure for the large and growing not-for-profit segment of the American economy.
Target Audience
Commercial bankers, commercial real estate lenders, credit analysts, credit department staff, loan underwriters, loan review officers, credit department managers, senior lenders, chief credit officers
Basic Understanding
Basic accounting and finance backgroud
Course Content
No sessions available.
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