While once thought just to apply to banking and financial institutions, entities now need to apply fair value accounting under ASC 820 across a variety of transitions. From financial instruments to leases, business combination accounting and impairment measurement, GAAP either requires or allows the use of fair value measures in an ever-increasing number of circumstances.
Accounting and auditing practitioners at all levels desiring to understand the FASB’s fair value guidance
- Recall when entities can elect and are required to use the fair value option
- Discuss the “Exit price” approach used in ASC 820
- Identify how to determine the fair value of assets and liabilities under the ASC 820 fair value approach
- Identify appropriate inputs to use when determining the fair value of an asset or liability
- Applicability of the use of ASC 820
- The “exit price” approach
- Examples of market, cost and income approaches to estimating fair value
- Use of Level 1, 2 and 3 inputs in determining fair value
Experience in accounting and auditing.