Fair Value Accounting & Reporting Self-Study Webinar (10 Hours)

Overview: 

ASC 820 (FAS 157) on fair value accounting resulted in a dramatic shift away from historical cost accounting. Learn how the FASB's and IASB's convergence efforts may impact fair value accounting in the future. You will:

  • Understand the fundamentals of fair value measurement
  • Learn valuation methodologies, techniques and tools
  • Discover how the valuation process integrates with financial statement preparation
  • 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.

Emphasis: 
  • Definitions, scope, contents and implementation of ASC 820 (FAS 157)
  • Valuation approaches and techniques
  • 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
  • The fair value hierarchy
  • Restricted assets
  • Present value techniques and probabilistic forecasting
  • The "Fair Value Option" (ASC 825) (FAS 159) and its disclosure requirements
  • Guidance on valuing illiquid assets
  • SEC spotlight on fair value accounting standards
  • Numerous accounting standards that require fair value measurements

Recognize the recent trends in the use of fair value measurements in GAAP

Recognize the financial statement implications of the use of fair value measurements

Recognize arguments both for and against the use of fair value measurements

Recognize examples of financial statement inconsistencies associated with the use of fair value measurements

Identify GAAP requiring the use of fair value measurements

Identify the primary objectives of ASC Topic 820

Identify the scope of ASC Topic 820

Identify the ramifications of ASU 2009-12 on the use of NAV in fair value measurements

Identify the ramifications of ASU 2010-06 on mandatory fair value disclosures

Identify the perspective from which fair value is determined

Recognize the type of measurement input to which an auditor would likely assess a higher risk of misstatement

Recognize the steps in identifying fair value under the fair value conceptual framework

Recognize the basis on which the fair value of financial and nonfinancial assets is assessed

Recognize the valuation techniques identified in ASC Topic 820

Recognize key price assumptions used to determine fair value

Recognize the characteristics of market participants

Identify the characteristics of the highest and best use valuation premise for nonfinancial assets

Identify the valuation techniques commonly used with specified financial assets and liabilities

Identify the characteristics of the measurement input hierarchy

Identify mandatory fair value disclosures

Recognize the primary objectives of ASC Topic 825

Recognize the applicability of the fair value option for financial assets and liabilities

Recognize the scope of the fair value option under ASC Topic 825

Recognize the placement of fair value accounts within the financial statements

Recognize the dates upon which the fair value option may be elected

Recognize the SEC’s perspective on the use of fair value measurements

Recognize the FASB’s guidance on the use of fair value measurement in inactive markets

 

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Price: 
$299.00
Prerequisite: 

Basic knowledge of financial accounting and reporting.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Intermediate.

CPE Credit: 
10.00
NASBA Field of Study: 
Accounting