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Fair Value Accounting: an OverviewCode: 22-FAIR
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Objective: To discuss a variety of new developments related to accounting and financial reporting.
Numerous FASB Standards have been issued requiring certain items to be measured and reported at “fair value” on the Balance Sheet. Prior to the release of SFAS 157 Fair Value Measurements, the concept of “fair value” had never been formally defined in U.S. accounting literature. Since its issuance in September 2006, SFAS 157 has become one the most controversial accounting standards ever released.
This course provides a conceptual review of fair value accounting, as outlined in SFAS 157 and other U.S. accounting standards. This review includes discussions on the ongoing controversy surrounding its impact on the global economy, as well as the current FASB & IASB proposals that will potentially require fair value accounting for all financial instruments. Finally, this course will provide an overview of the authoritative guidance for auditing fair value measurements and disclosures, SAS No. 101.Learning Objectives:
- Define ‘fair value’ and explain the fair value framework & hierarchy included in SFAS 157 Fair Value Measurements.
- Explain the roles that management and the auditor have in the fair value measurement process.
- Describe the key aspects of the fair value option.
- Describe the limitations of fair value accounting in the context of the current economic crisis.
CPE credit: 8 Hours
Program Level: Update
Advance Preparation: None
Exam expiration date: Participants must submit exams for grading within one year from the date of purchase