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December 17-18
New York, NY
Sheraton New York Hotel and Towers

 

 

  

NEWThe Fair Value Challenge: SFAS 157 and SFAS 159 In Depth Conference
    Mastering the FASB's Fair Value Standards

One and a half days — 14 CPE credits

Highlights

  • Results from the upcoming July 8 SEC Roundtable on Fair Value Measurements issues

  • Trends and other issues of fair value measurements: the FASB perspective

  • Hands-on examples of measuring fair value from the perspective of multiple industry experts and valuation specialists

  • What’s the SEC looking for?  Where will they challenge your valuation?  Disclosure perspectives from the Division of Corporation Finance

  • The role of transparency and pricing services in disclosures

  • Fair value challenges in the current credit turmoil

  • Lessons learned from early adopters

  • Industry-specific breakout sessions

  • Get your toughest technical questions answered

  • Network with faculty and peers

  • And much more!

Featuring Concurrent Break-Out Sessions (choose one)

1

Application of SFAS 157 to Financial Instruments

2

Application of SFAS 157 to Intangibles and Plant Assets /
Application of SFAS 157 to a Business or Reporting Unit

AGENDA

8:00 am – Breakfast

8:30-8:45 am – Welcome and Opening Remarks

8:45-10:00 am – Overview of the FASB’s Fair Value Pronouncements

  • 30,000 feet flyover of SFAS 157: Preview of major learning areas

    • The need for a consistent framework

    • Where the standard will likely affect accounting and reporting

    • Principles of the Standard

    • The definition of fair value

    • The three-tier hierarchy of inputs

    • The disclosure requirements

    • Where did fair value accounting begin?

    • Why has the FASB focused on fair value?

    • Where will the challenges and difficulties lie in using SFAS 157?

    • How will the debate on principles vs rules and the use of judgment impact the application of SFAS 157?

  • 10,000 feet flyover of SFAS 159

10:00-10:20 am – Morning Break

10:20-Noon – The FASB’s Definition of Fair Value

  • The words in the definition

  • Attributes of the asset, location, condition, etc

  • Exit price

  • Principle or most advantageous market

  • Market participant

  • Highest and best use

  • Role of credit risk

  • What will be different in these definitions compared to pre 157

  • Example – FV estimate as entry cost versus exit cost

  • Day one and two issues

Noon-12:30 pm – Q&A Session

12:30-1:30 pm – Luncheon

1:30-3:00 pm – Measurement Techniques

  • Income method

  • Cost method

  • Market method

  • What is different from pre-157 approaches?

  • What new knowledge will be required to use 157, audit 157?

3:00-3:15 pm – Afternoon Break

3:15-4:45 pm – The Hierarchy of Inputs and Disclosure Requirements

  • The Hierarchy of Inputs

    • Definitions of each

    • Examples of each

    • Disclosure implications

  • Disclosure Requirements

    • Lessons learned from early adopters

    • The expertization issue and the SEC’s position

    • More!

4:45-5:00 pm – Q&A Session

5:00-6:00 pm – Cocktail Reception for Faculty and Attendees

DAY TWO

8:00 am – Breakfast

8:30-10:30 am – Application Examples, Issues in Specific Cases and Challenges from Practice so Far

  • How will you measure fair value?

    • Company generated estimates

    • Changes in models and assumptions

    • Blockage factors

    • Transaction costs

  • Issues with credit risk in the current environment

  • Externally generated estimates

    • Instructions to valuation firms

    • Review of assumptions

10:30-10:45 am – Morning Break

10:45-12:30 pm – Concurrent Break-Out Sessions (Please choose one when registering)

Case Study I – Application of SFAS 157 to Financial Instruments

  • Review of where GAAP requires fair value information of these types of assets

  • Measuring fair value for a simple derivative, e.g. a forward contract

  • Measuring fair value for a more complex derivative – e.g. a swap

  • Measuring fair value for an investment in a private company

  • The role of credit risk

  • Example computations of fair value – Handouts and related materials

Case Studies II and III – Application of SFAS 157 to Intangibles and Plant Assets / Application of SFAS 157 to a Business or Reporting Unit

  • Review of where GAAP requires fair value information of these types of assets

  • Measuring fair value for a business as a whole

  • Measuring fair value with a carve out

  • Example computations of fair value – Handouts and related materials

  • Measuring fair value for an intangible asset – brands, patents, trademarks

  • Issues with in-process R&D

  • Alternative valuation methods, estimating methodologies

  • Measuring fair value for plant assets

  • Example computations of fair value–Handouts and related materials

12:30-1:30 pm – Luncheon

1:30-2:00 pm – The Wave of the Future: Fair Value and IFRS

2:00-2:30 pm – Wrap Up and Q&A

2:30 pm – Adjournment

BACK TO TOP

Learning Objective: To learn the requirements of and how to implement SFAS 157 and 159, the Fair Value Standards.
Delivery Method: Group-Live
Prerequisites/Advance Preparation: None
Program Level: Overview.

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