Fair value Accounting

Course Description:

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 ASC 820 Fair Value Measurements and Disclosures (formerly known as SFAS 157), the concept of "Fair value" had never been formally defined in U.S. accounting literature. Since its issuance in September 2006, ASC 820 has become one of the most controversial accounting standards ever released.

This course provides a conceptual review of fair value accounting, as outlined in ASC 820 and other U.S. accounting standards. This course will also provide an overview of the authoritative guidance for auditing fair value measurements and disclosures, SAS No. 101.

Learning Objectives:

Upon successful completion of this course, participants will be able to:

• Define “fair value” and explain the fair value framework and hierarchy included in ASC 820 Fair Value Measurements and Disclosures
• Identify the roles that management and the auditor have in the fair value measurement process
• Recognize the key aspects of the fair value option
• Recognize the limitations of fair value accounting in the context of the current economic crisis