The credit crisis highlighted the impact of fair value on financial institutions.
Fair value measurement in financial reporting is a controversial topic in the banking industry. Investors indicate that they prefer the information that fair value conveys when making an investment decision. Some preparers are concerned if fair value is worth the cost and complexity for their needs. The credit crisis highlighted the impact of fair value on financial institutions. Fair value measurement requires certain judgment in which also presents unique challenges to preparers and auditors. This material will provide you with information on the current status of fair value in financial reporting, particularly with financial institutions. Regulators' viewpoints on measuring fair value and other audit concerns will also be discussed.
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Agenda
History of Fair Value Measurements in Financial Reporting in Banking
- Fair Value and the Credit Crisis
- SEC Findings
Common Accounting Standards With Fair Value as the Unit of Measurement
- ASC 820 Fair Value Measurement
- ASC 805 Business Combinations
- ASC 350 Goodwill and Other Intangible Assets
- ASC 825 Fair Value Option
Fair Value and Bank Business Combinations
- Examples of Acquired Intangible Assets
- Special Issues With Core Deposits
Testing Goodwill for Impairment
Fair Value of Swaps and Other Financial Instruments
Regulators and Fair Value
- Security and Exchange Commission Guidance
- SEC Enforcement Actions
- PCAOB Guidance for Auditing Fair Value
- PCAOB Audit Deficiencies Related to Fair Value Measurements
- Issues in Auditing Fair Value
Fair Value Quality Initiative
- History and Development
- Current Status
- Credentials for Valuation Specialists
Future of Fair Value in Financial Reporting
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on June 23, 2016.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Mark L. Zyla, CPA/ABV, CFA, ASA
Zyla Valuation Advisors LLC
- Managing director of Acuitas Inc in Atlanta, Georgia as an experienced practitioner with fair value measurements
- Wrote Fair Value Measurement: Practical Guidance and Implementation, 2nd ed, published by John Wiley & Sons, he also co-wrote several portfolios on fair value topics published by BNA Bloomberg; he wrote Fair Value Accounting course published by the AICPA
- Has served on several professional committees which developed best practices in fair value including the "AICPA’s Accounting and Valuation Guide," "Testing Goodwill for Impairment," and the "Appraisal Foundation’s Contributory Asset Charges" monograph
- Member of the AICPA’s FVS Executive Committee as well as the Business Valuation Committee of the American Society of Appraisers
- Conducts a two day workshop twice a year for the AICPA on "Fair Value Measurements"
- Inducted into the AICPA’s Business Valuation Hall of Fame in 2013
- Chairman of the Standards Review Board of the International Valuation Standards Council ( IVSC)
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Why Lorman?
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