Reporting changes means CPAs need to stay prepared

Written on Jul 24, 2019

By Jessica Salerno, OSCPA senior content manager

The pace of change touches all aspects of the profession, including those in financial institutions. Staying on top of those changes means being able to dig into complex problems. 

“I think a lot of times accountants have somewhat of a high-level understanding, especially the people that are in industry, but they probably don't have the deep understanding of the specifics,” said Ian McDowell, CPA, partner at SR Snodgrass.

McDowell will present at the Aug. 28 Financial Accounting Conference on “Mastering the CECL Standard and Future Reporting Changes.” He’ll cover the implications of the new accounting standard and how it impacts financial reporting, including disclosures and performance.

He’ll also discuss future financial reporting issues, and mentioned how quickly the landscape is changing, such as the recent FASB vote to delay CECL standard for many banks.

It’s important to understand the impact certain model designs will have on a financial institution, he said. Having a general understanding of the new accounting pronouncements that will impact the industry, such as the new derivative accounting roles and lease roles, will also be valuable.  

McDowell will also identify best practices to implement the standard and explore how the new standard will change business processes.

“They need to know what's coming so they can prepare their institutions in advance for the adoption of some significant accounting standards,” McDowell said. “And understand the extent of the impact that it's going to have on their organizations’ financial results.”

Register for the Financial Institutions Conference today.

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