Fair value accounting continues to be one of the most complex and controversial areas of accounting today, and its impact on the global economy is well-documented. The FASB also continues to struggle with just how its guidance should be applied, as evidenced by the issuance thus far of several FASB Staff Positions and Accounting Standards Updates dealing with fair value issues. This course provides a conceptual and practical review of fair value accounting in the context of FASB ASC 820, Fair Value Measurement, and other U.S. accounting standards. Learn how to measure the fair value of specific assets and liabilities and the pros and cons of fair valuing select balance sheet items.
Practicing CPAS and accounting professionals in business and industry that prepare or review financial statements.
- Be up-to-date on recently issued FASB guidance on fair value accounting
- Define "value" and review terminology and concepts applicable to fair value accounting
- Identify and apply valuation techniques consistent with the market approach, the income approach, and the cost approach used to measure fair value
- Understand and apply the fair value hierarchy established in FASB ASC 820
- Examine the expanded fair value disclosure requirements outlined in FASB ASC 820
- Review the guidance and requirements involved in auditing fair value measurements and disclosures
- Apply the concepts of fair value accounting through examples and case study
- FASB ASC 820, Fair Value Measurement
- Key terminology in applying fair value
- Identification of assets and liabilities to which fair value applies
- The process used to measure fair value
- The valuation techniques
- The fair value hierarchy
- Fair value disclosures
- Auditing fair value measurements
- Practical application of fair value accounting concepts
Basic understanding of accounting principles.