PracticeEdge Elite™ Not included
Standard Tuition $400
Senior Fellow Jesse Shapiro, CPA, Partner, EY
The Accounting for Fair Value and Best Practices in Valuation course provides an in depth look at fair value accounting principles of FASB Accounting Standards Codification 820, Fair Value Measurement (“ASC 820”), as well as best practices in implementing and maintaining a fair value process.
Prior to the release of ASC 820, the concept of “fair value” was not formally defined in a single codification within the U.S. accounting literature. Since its issuance, ASC 820 has become one of the most focused-upon accounting standards ever released. Industry executives attending this course will gain insights into the conceptual and practical reasons for using fair value measurements as well as the issues and additional considerations that may be encountered when such fair value measurements are implemented as part of an organization’s financial reporting process.
Topics discussed in the first part of the course include the objectives and scope of ASC 820, the definition and framework of fair value, commonly used valuation techniques and inputs, a description of the fair value hierarchy, disclosure requirements and recent developments and amendments to ASC 820. Illustrative examples of fair value disclosures used in financial statement reporting are also provided.
The second part of the course discusses best practices around governance and oversight of the valuation process, selection and validation of valuation methodologies and assumptions and considerations for the documentation of the valuation process. In depth discussions focus on the role of the valuation committees, key characteristics of valuation policies and procedures, general and detailed methodology considerations for specific product types and considerations when using third party pricing service vendors. The role of information technology in the valuation process is covered as well.
Students shall learn the following within this Course:
- Define the objectives and scope of ASC 820
- Define the concept of “fair value” and explain the fair value framework and hierarchy established by ASC 820
- List the three commonly accepted valuation techniques to measure fair value, including applicable valuation inputs
- Apply the concepts of ASC 820 and its subsequent amendments to create appropriate financial statement disclosures
- Recognize the importance of governance and oversight of the valuation process, including the use of a valuation committee and policies and procedures
- Apply best practices in the selection and validation of valuation methodologies and assumptions for various security types
- Distinguish between the offerings of different market data providers or third party valuation specialists
- Define the role of information technology in the valuation documentation process
Jesse Shapiro, CPA, Partner, EY
Credit Hours: 5
Subject Area: Professional Practice
States: Contact Curriculum Advisor For More Information
Credit Hours: 7
Subject Area: Accounting
States: Contact Curriculum Advisor For More Information
On-Demand Web Programs and Segments are approved in:
Alabama1, Alaska, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho*, Illinois , Iowa2*, Kansas, Kentucky*, Louisiana, Maine*, Mississippi, Missouri3, Montana, Nebraska, Nevada, New Hampshire4, New Jersey, New Mexico5, New York6, North Carolina7, North Dakota, Ohio8, Oklahoma9, Oregon*, Pennsylvania10, Rhode Island11, South Carolina, Tennessee12, Texas, Utah, Vermont, Virginia13, Washington, West Virginia, Wisconsin14and Wyoming*.
Iowa, Mississippi, Oklahoma, and Wisconsin DO NOT approve Audio Only On-Demand Web Programs.
Please Note: The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. RCA programs may qualify for credit based on the requirements outlined in the MCLE Regulations and Ariz. R. Sup. Ct. Rule 45.
*RCA will apply for credit upon request. Louisiana and New Hampshire: RCA will apply for credit upon request for audio-only on-demand web programs.
1Alabama: Approval of all web based programs is limited to a maximum of 6.0 credits.
2Iowa: The approval is for one year from recorded date. Does not approve of Audio-only On-Demand Webcasts.
3Missouri: On-demand web programs are restricted to six hours of self-study credit per year. Self-study may not be used to satisfy the ethics requirements. Self-study can not be used for carryover credit.
4New Hamphsire: The approval is for three years from recorded date.
5New Mexico: On-Demand web programs are restricted to 4.0 self-study credits per year.
6New York: Newly admitted attorneys may not take non-traditional course formats such as on-demand Web Programs or live Webcasts for CLE credit. Newly admitted attorneys not practicing law in the United States, however, may earn 12 transitional credits in non-traditional formats.
7North Carolina: A maximum of 4 credits per reporting period may be earned by participating in on-demand web programs.
8Ohio: To confirm that the web program has been approved, please refer to the list of Ohio’s Approved Self Study Activities at http://www.sconet.state.oh.us. Online programs are considered self-study. Ohio attorneys have a 6 credit self-study limit per compliance period. The Ohio CLE Board states that attorneys must have a 100% success rate in clicking on timestamps to receive ANY CLE credit for an online program.
9Oklahoma: Up to 6 credits may be earned each year through computer-based or technology-based legal education programs.
10Pennsylvania: PA attorneys may only receive a maximum of four (4) hours of distance learning credit per compliance period. All distance learning programs must be a minimum of 1 full hour.
11Rhode Island: Audio Only On-Demand Web Programs are not approved for credit. On-Demand Web Programs must have an audio and video component.
12Tennessee: The approval is for the calendar year in which the live program was presented.
13Virginia: All distance learning courses are to be done in an educational setting, free from distractions.
14Wisconsin: Ethics credit is not allowed. The ethics portion of the program will be approved for general credit. There is a 10 credit limit for on-demand web programs during every 2-year reporting period. Does not approve of Audio-only On-Demand Webcasts.
Running time and CLE credit hours are not necessarily the same. Please be aware that many states do not permit credit for luncheon and keynote speakers.
If you have already received credit for attending some or the entire program, please be aware that state administrators do not permit you to accrue additional credit for repeat viewing even if an additional credit certificate is subsequently issued.