The financial instruments project was one of the major convergence projects that the FASB worked on
with the IASB. Unfortunately, that project ultimately did not lead to convergence. This course will
address the major changes to the calculation of credit loss for financial assets including the models for
available for sale and amortized cost. Then we’ll look at the impact of the accounting change on taxes
and what the key requirements are under the IRS rules for uncollectible assets. Attendees will leave with
a solid understanding of the accounting and auditing issues.