With the changes it brings to the measurement of credit losses on financial instruments, the Financial Accounting Standards Board’s issuance of Accounting Standards Update 2016-13, Financial Instruments–Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, is arguably the most sweeping modification in accounting practices for lenders in many years. Our white paper, Implementation and audit readiness for lenders: ASC 326, provides important information to members of management responsible for implementation of Accounting Standards Codification (ASC) Topic 326 and audit committees responsible for overseeing those implementation efforts.
Our white paper was developed to help entities implement ASC 326 and considers relevant accounting and auditing literature, regulatory guidance, observations from public company adoption, and other industry developments specific to the adoption of ASC 326. An executive summary provides a broad overview of implementation and audit readiness considerations, and then each of these considerations is expanded upon in the remainder of the paper. The considerations covered relate to policies and procedures, use of third-party service providers and vendors, supporting documentation, internal controls and transition.
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Keegan Linscott & Associates, PC is a proud member of RSM US Alliance, a premier affiliation of independent accounting and consulting firms in the United States. RSM US Alliance provides our firm with access to resources of RSM US LLP, the leading provider of audit, tax and consulting services focused on the middle market. RSM US LLP is a licensed CPA firm and the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries.
Our membership in RSM US Alliance has elevated our capabilities in the marketplace, helping to differentiate our firm from the competition while allowing us to maintain our independence and entrepreneurial culture. We have access to a valuable peer network of like-sized firms as well as a broad range of tools, expertise, and technical resources.
For more information on how Keegan Linscott & Associates, PC can assist you, please call (520) 884-0176.