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Leader(s):

Prerequisite:

Basic knowledge of financial accounting and reporting.

Preparation:

No advance preparation required.

Level of Knowledge:

Intermediate.

CPE Credit:

8 Hours.

Other courses related to this topic:

Fair Value Accounting: Valuation Techniques
2010 Derivatives Accounting Boot Camp: An Intensive Four-Day Immersion Program
Accounting for Derivatives: An Overview
2010 Conference on Fair Value Accounting: Implementation & Valuation Issues
2010 Accounting for Derivatives Conference: Current Industry Trends & Strategies on FAS 133 et al.
Fair Value Accounting: Impact of FAS 157 & Beyond (ASC 820 & 825)
FAS 167/FIN 46R: The New Consolidation Rules
Accounting for Derivatives: An Overview
Accounting for Derivatives: Recent Developments
Accounting for Derivatives: Recent Developments
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Center for Professional Education
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Fair Value Accounting: Impact of FAS 157 & Beyond (ASC 820 & 825)

FAS 157 (ASC 820) on fair value accounting represents a dramatic shift away from historical cost accounting--one that could significantly impact companies' financial statements. This seminar presents an in-depth discussion of fair value and how the rules will affect existing accounting and disclosure practices. You will: * Understand the fundamentals of fair value measurement * Explore the evolution of fair value from its beginnings to its current definition * Discover how fair value impacts over 40 existing accounting rules * Understand expanded disclosure requirements


OBJECTIVE:

To provide accountants, financial analysts and preparers of financial statements with the most current understanding of this complex topic. You will learn the principles put forth by FASB in relation to the concept of fair value as well as their practical application. As fair value becomes more pervasive in accounting, you will have a basis for determining how it will impact your financial reporting.

EMPHASIS:

Definition of fair value--it's not market value

Valuation approaches

Definition of the "exit price"

Difference between "in-use" and "in-exchange"

What is a market participant?

How does fair value apply to liabilities?

Meaning of the principal market and highest and best use

Valuation techniques

The fair value hierarchy

Restricted assets

Present value techniques

Probabilistic forecasting

Existing guidance affected by the new standard

The "Fair Value Option" (FAS 159) (ASC 825)

Guidance on valuing illiquid assets