Recall the purpose and primary goal of the Financial Instruments Performance Framework.;Identify the basic information required in a valuation report / work file to comply with the Financial Instruments Performance Framework.;Differentiate the roles of financial reporting standard-setting bodies and regulatory authorities in establishing and enforcing the reporting standards related to financial instrument valuation.;Choose and document appropriate valuation models and common inputs.;Identify general market mechanics and features that may require more complex handling.;Identify the significant risks associated with financial instruments included in the financial statements.;Identify the International Accounting Standard Board's (IASB's) conceptual framework.;Differentiate debt securities from other financial instruments.;Identify similarities and differences between current expected credit losses (CECL) and expected credit losses (ECL).

Financial Instruments Performance Framework (FIPF);Fair value framework;Professional judgment;Independence and nonattest services;Valuation techniques and inputs;Consulting services and process;Risk-based auditing and valuation of financial instruments;Planning considerations when auditing financial instrument valuations;Accounting for financial instrument valuations;Debt and equity securities;Derivatives;Pillars of CECL;Life cycle losses