Mind the GAAP: How Recent Changes in US GAAP Accounting Impact Borrowers and Lenders
Speaker: Mr. Dev Strischek
Speaker Designation: Principal, Devon Risk Advisory Group
Speaker: Mr. Dev Strischek
Speaker Designation: Principal, Devon Risk Advisory Group
We tend to take accounting for granted—debits equal credits, total assets equal total liabilities and stockholder’s equity. Generally accepted accounting principles (GAAP) are generally accepted because they do not change often, and when they do, there are good reasons for the change.
However, business and the economy do change over time, and several new principles warrant review to understand how they will affect both borrowers and lenders--new GAAP for revenue recognition, lease capitalization, current expected credit losses (CECL) as well as changes to not-for-profit financials.
Much of the change in GAAP in recent years is the result of collaboration between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) to bring the US and international accounting principles closer together. At some point, both groups decided they were as close as they would be likely to get on several key concepts—revenue recognition, lease capitalization, and CECL. In addition, FASB decided to revise financial statement disclosure for the large and growing not-for-profit segment of the American economy.
This webinar will benefit:
A frequent speaker, instructor, advisor, and writer on credit risk and commercial banking topics and issues, Martin J. "Dev" Strischek is the principal of Devon Risk Advisory Group based near Atlanta, Georgia. Dev advises, trains, and develops for financial organizations risk management solutions and recommendations on a range of issues and topics, e.g., credit risk management, credit culture, credit policy, credit and lending training, etc.
Besides stints at other banks in Florida, Kansas City, and Ohio, his experiences outside of banking include CFO of a Honolulu construction company, combat engineer officer in the U.S. Army, and college economics instructor in Hawaii, Missouri, and Florida. A graduate of Ohio State University and the ABA Stonier Graduate School of Banking, he earned his M.B.A. from the University of Hawaii. Mr. Strischek serves as an instructor in RMA’s Florida Commercial Lending School, the American Bankers Association's (ABA), Advanced Commercial Lending School, ABA’s Stonier Graduate School of Banking, and the Southwest Graduate School of Banking.
Mr. Strischek has written over 200 articles about credit risk management, financial analysis, and related subjects for the ABA’s Commercial Insights, the Risk Management Association’s RMA Journal, and other business professional journals. He is the author of Analyzing Construction Contractors and its related RMA workshop.