2017 FASB -Financial Instruments: ASU 2016-01 and ASU 2016-13

• Identify the category of securities for which ASU 2016-01 retains the three categories under existing GAAP
• Recall one of the changes to existing GAAP for financial instruments made by ASU 2016-01
• Recall how available-for-sale debt securities are measured on an entity’s balance sheet
• Identify how held to maturity securities are measured on the balance sheet
• Recognize how an entity should account for a temporary impairment
• Recall how an entity should present an unrealized gain or loss on an equity security under ASU 2016-01
• Identify how a mutual fund that invests in debt and equity securities should classify the investment
• Recall a change made to the exemption for fair value disclosures with respect to trade receivables and payables
• Recognize the model that ASU 23016-13 uses to deal with credit losses
• Identify how credit losses should be recorded under new ASU 2016-13