Over the past several years, we have seen accounting requirements move from a historical cost basis towards fair value accounting. For many of today's financial instruments, this makes sense, as historical cost is meaningless. Many derivative transactions have little or no initial net investment; therefore, the cost basis is zero. Without fair value accounting, these items would not be included in the financial statements, even though their fair values can represent a significant portion of the assets and liabilities of companies. This program will cover fair value accounting, as well as accounting for impaired, non-accrual, and acquired loans. It will review trust preferred securities, financial guarantees, transfers and servicing of financial assets, and much more. This program is intended to provide an overview of the accounting basics for CPAs who are familiar with GAAP, but not necessarily experts on the specialized industry accounting for financial institutions.
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