UFVA
UNDERSTANDING FAIR VALUE ACCOUNTING: A PRACTICAL APPROACH TO STATEMENT NO. 157 AND ITS IMPACT ON FINANCIAL REPORTING

This course provides the CPA with an update on FASB’s recently issued standards on fair value. This review will provide an explanation of the purpose and goals of fair value accounting and likely impact on financial reporting. It will also include examples and guidance. Emphasis will be placed on the impact of these standards on preparers and users in both large and closely held companies.

MAJOR TOPICS:

• Who wants fair value and why
• Preparers, auditors and analysts perspectives
• The present mixed attribute model
• SFAS No. 157: fair value measurement
• The fair value hierarchy
• SFAS No. 159: the fair value option
• Advantages and problems of adopting Statement No. 159
• Auditing fair value – SAS No. 92

DESIGNED FOR: Accountants in public practice and industry who have to deal with the newly issued standards with respect to fair value accounting. CPAs who need to advise clients and preparers who must evaluate the choices regarding fair value presentation that are now available under U.S. GAAP will find the advantages and problems of different approaches discussed in a practical fashion.

CPE CREDIT: 2 hours, Accounting

LEVEL OF KNOWLEDGE: Intermediate

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