Derivatives Accounting Conference 2017: Critical New Guidance & Its Effect on Your Hedge Program

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Your exclusive opportunity to receive expert guidance from the FASB’s Hedge Accounting Project Lead—Jeffrey Gabello

Derivatives Accounting Conference 2017: Critical New Guidance & Its Effect on Your Hedge Program

CPE Credit: 16 Hours

Price: $1,545.00

NASBA Field of Study: Accounting

 

Overview

The rules for the hedge accounting model under US GAAP have changed with the issuance of the FASB’s final Accounting Standards Update—ASU No. 2017-12, "Derivatives & Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities."

The New Standard refines and expands hedge accounting for both financial and commodity risks, creating more transparency around presenting economic results. Compared to the current standard, the New Standard is not only easier to implement and maintain, but also reduces audit risks.

With ease of adoption and compliance, the elimination of the concept of ineffectiveness, relaxed testing, and the likely reduction of audit efforts, there are numerous reasons to seriously look at early adoption on January 1, 2018.

Hear directly from FASB. Jeffrey Gabello, Supervising Project Manager and Hedge Accounting Project Lead for FASB, will present an in-depth explanation of the New Standard and how to comply with it.

Returning chair and Hedge Trackers Founder, Helen Kane has designed a relevant and comprehensive agenda for this timely and informative event, featuring detailed analyses and lively panel discussions with current and former FASB regulators, Big 4 leaders and industry experts.

 

AGENDA HIGHLIGHTS


•  Challenges of the US and Global Economies

•  FASB Perspective on the New Derivative Accounting Update: Objectives and Outcomes

•  Panel Discussion on the New Derivative Accounting Standard

•  New Derivative Accounting Update: What Hasn't Changed and What Might Get More Attention

•  Contractual Risk

•  Effectiveness Assessment Before and After the Update

•  Shortcut and Critical Terms Match (CTM) Considerations

•  Fair Value Hedging and Interest Rates

•  Transition (Commodities, Currency, Interest Rates)

•  Reclassification of Other Comprehensive Income (OCI) to Income

•  New Trends in Valuation

•  IFRS Divergence

•  Controls in Derivatives Environment

 

LEARNING OBJECTIVE  To familiarize accounting and financial professionals with the latest rules regarding derivatives and hedge
accounting and the impact these rules will have on their companies.

PREREQUISITE  None.    ADVANCE PREPARATION  None.    PROGRAM LEVEL  Update.    NASBA FIELD OF STUDY  Accounting.
DELIVERY METHOD  Group-Live.

 

This program is also available via live webcast
Derivatives Accounting Conference 2017: Critical New Guidance & Its Effect on Your Hedge Program Webcast

 

Agenda

DAY ONE AGENDA*


Deluxe Continental Breakfast & Registration
8:00 – 8:45 AM

Welcome & Opening Remarks
8:45 – 9:00 AM

Challenges of the US & Global Economies
9:00 – 10:15 AM

Break
10:15 – 10:30 AM

FASB Perspective on the New Derivative Accounting Update: Objectives & Outcomes
10:30
 – 11:45 AM
Jeffrey Gabello, Supervising Project Manager and Lead on the Hedge Accounting Project for FASB, will provide you with a detailed analysis of changes to the hedge accounting model under US GAAP—ASU No. 2017-12, titled, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.”

Panel Discussion on the New Derivative Accounting Standard
11:45 AM
 – 12:30 PM
Industry experts will interact with the Project Manager, and each other, to discuss transition challenges, panelist and participant interpretations, and expected practice direction.

Luncheon
12:30 – 1:30 PM

New Derivative Accounting Update: What Hasn’t Changed & What Might Get More Attention
1:30 – 2:30 PM
There are a number of substantial changes to the guidance that are likely to impact many aspects of a company’s hedge program. In spite of all the changes, many requirements have remained the same. What hasn’t changed, and which of those elements are likely to attract renewed interest by auditors, will be the focus of this session.

Break
2:30 – 2:45 PM

Contractual Risk
2:45 – 3:45 PM
The Update has dramatically altered the landscape on hedgeable risk. This session will address the concept of contractual risk from its introduction in earlier exposure drafts, through its evolution at issuance. Get a practical assessment of what will and won’t qualify under the new guidance.

Effectiveness Assessment Before & After the Update
3:45 – 4:45 PM
Join us in unraveling the substantial increase in reliance on inception testing, coupled with increased flexibility in how ongoing effectiveness will be evaluated and considered under the new guidance. Discuss the expected ongoing requirements to assert continued confidence in the relationship.

Shortcut & Critical Terms Match (CTM) Considerations 
4:45
 – 5:30 PM
Shortcut and CTM are an assumption of perfect effectiveness—concepts that don’t exist in IFRS and are under threat. However, the FASB has embraced and scaffolded these concepts to virtually eliminate the risk of restatement. This will be an introduction to the additional documentation required at transition and for future application of these concepts.

Cocktail Reception
5:30 – 6:30 PM

 

DAY TWO AGENDA*


Deluxe Continental Breakfast
8:00
 – 8:45 AM

Welcome & Opening Remarks
8:45 – 9:00 AM

Fair Value Hedging & Interest Rates 
9:00
 – 10:15 AM
The Update has opened the door, and maybe a new chapter, for the hedging of fixed rate interest rate risk. The presenter will share insights into how to maximize the benefits of Fair Value hedging of fixed rates, with the new concepts of partial-term hedging, layering of exposures, and expanded benchmarks outlined in the Update.

Break
10:15
 – 10:30 AM

Transition (Commodities, Currency, Interest Rates)
10:30 AM – 12:00 PM
The ease of implementation and benefits under the Update have driven substantial demand to early implement special hedge accounting for companies and financial institutions around the country. This will be a review by asset class of the key considerations in making the move and determining the best timing of adoption.

Luncheon
12:00
 – 1:00 PM

Reclassification of Other Comprehensive Income (OCI) to Income
1:00 – 2:00 PM
The hedge accounting guidance has consistently required OCI to be reclassified to income at the same time as the hedge item, but now mandates that all elements of the hedge be recorded together with the hedged item(s) in earnings. Discover what changes this might precipitate and what approaches are available for companies to meet these requirements
.

Break
2:00
 – 2:15 PM

New Trends in Valuation
2:15
 – 3:15 PM
Review the key inputs and modeling required to appropriately fair value derivatives under ASC 820 and get an overview of related disclosure requirements
.

IFRS Divergence
3:15
 – 4:15 PM
IFRS reporters are required to implement IFRS in the coming year, just as newly released US GAAP locks in a very different approach. We will review the remaining similarities and outline the key differences.

Controls in Derivatives Environment
4:15
 – 5:15 PM
We will revisit the appropriate control structure for a derivative trading and accounting environment
.

Conference Ends
5:15 PM

 

* PLEASE NOTE: Session topics and times are subject to change based on location and speaker availability. Please call 1-800-544-1114 for specific agenda details.

 

 

This program is also available via live webcast
Derivatives Accounting Conference 2017: Critical New Guidance & Its Effect on Your Hedge Program Webcast

Speakers

CONFERENCE CHAIRPERSON


Helen Kane, President, founded Hedge Trackers, LLC in April 2000. Her duties involve monitoring FASB/IASB pronouncements, reaching out to accounting firm derivative accounting specialists, overseeing auditor and SEC responses, and consulting with clients contemplating complex derivative accounting applications.

In addition, Ms. Kane chairs CPE INC.’s annual Derivatives Accounting Conference featuring derivative specialists from the FASB and SEC. She also provides training to audit firms, state regulators, the AICPA Credit Union Conference, as well as guest lectures at local universities.

Before founding Hedge Trackers, Ms. Kane was a Senior Manager at Deloitte & Touche LLP in the Capital Markets Group, leading their Silicon Valley risk management practice. Prior to Deloitte, she served in treasury, finance and accounting roles for multinational corporations.

 

FEATURED SPEAKER


Jeffrey Gabello, Supervising Project Manager and Hedge Accounting Project Lead, FASB, was previously an Accounting Policy and Revenue Recognition Manager at IBM, where he provided transactional guidance and drafted comment letters to the FASB and IASB on proposed accounting standards, and was responsible for reviewing and implementing new accounting updates and exposure drafts to assess their impact on the company. Mr. Gabello also served as Assistant Director of External Reporting for UBS AG in Zurich, where he concentrated on IFRS, GAAP and SEC reporting.

 

 

 

SPEAKERS INCLUDE


Katie Driessen, Deals Manager, PwC

Shane Randolph, Managing Director, Opportune LLP

Jonathan Tkach, Director, Barclays

Brian Zenk, Partner, PwC

 

This program is also available via live webcast
Derivatives Accounting Conference 2017: Critical New Guidance & Its Effect on Your Hedge Program Webcast

 

Forum

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Location

CPE INC. has reserved a block of rooms at preferential rates. To make your hotel reservation,
call CPE INC. or the hotel’s reservation department and ask for the CPE INC. special room rate.

 

New York Marriott Marquis
1535 Broadway
New York, NY 10036
(212) 398-1900

 

This program is also available via live webcast
Derivatives Accounting Conference 2017: Critical New Guidance & Its Effect on Your Hedge Program Webcast

 

Increase your savings by taking our pre-conference workshop. Pricing is as follows:

Conference: $1545
Workshop: $595
Conference & Workshop: $1950

In addition to these discounts, you may be entitled to Early Bird and Customer Loyalty Discounts.
To take advantage of these discounts, please enter your reference number at checkout.