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AICPA Conference on Credit Unions 2020


CU2009 - Other Impairment Considerations


Oct 20, 2020 1:30pm ‐ Oct 20, 2020 2:45pm

Standard: $49.00

Description

The effects of COVID 19 are being felt worldwide and the financial institutions industry is feeling it acutely. Credit unions are evaluating their ALLL reserves and lending policies and practices. The financial downturn also affects impairment accounting. In this session, we will discuss the assets other than loans affected including goodwill, fixed income securities, fixed assets, and mortgage servicing rights. Dean Rohne will provide guidance on the required accounting – the what – Douglas Winn will provide insights on the calculations – the how.

Participants will come away from the session with an overall understanding of the assets affected by impairment accounting, the specific GAAP that applies to each type of asset, and techniques that can be used to assess impairment.

Learning Objectives:
  • Discuss the accounting of various impairments affecting credit union financial statements
  • Review key assumptions and considerations that impact asset impairment

Speaker(s):

Tags: Audit
Category: Concurrent Session (Online)

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