Statement 157

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Since its introduction, FAS No. 157 companies have struggled with implementation and compliance issues. Companies have been grappling with accounting and valuation issues related to Fair Value. Many have seen market value melt away particularly which has been exacerbated by the current economic free fall. Although there is much uncertainty surrounding this issue – one thing remains clear Fair Value is here to stay at least for the time being and companies must learn to deal with this most pressing issue.

The Knowledge Congress is assembling a panel of distinguished professionals and key regulators to help understand Statement No. 157 and its impact on your firm and the broader market. The speakers will present their expert opinions in a two-hour LIVE Webcast.

Course Level: Intermediate
Prerequisite: None
Method Of Presentation: Group-Based-Internet
Developer: The Knowledge Conference
Recommended CLE/CPE Hours: 1.75 - 2.0
(Please note, your State Bar or Accounting Board will make the final determination with respect to continuing education credit. If you are applying for CLE credit in Texas you must register 20 days before the event date.)
Advance Preparation: Print and review course materials
Course Code: 093851
Recording Fee: $299 (Please click here for details)
NASBA Sponsor Number: 109004

 

Featured for Statement 157 Implementation Issues live webcast:


  Event Talking Points (click here to view more)
SEGMENT 1:


Craig Stevens, Senior Manager, Regulatory & Capital Markets Consulting,
Deloitte & Touche

- FAS 157 valuation requirements (overview)
   - active markets
   - exit prices
   - distressed transactions

- Fair Value in an illiquid market

- Mark to model (new FAS 157 FSPs)
   - Changes to current guidance
   - Comment letters
   - Impact on financials

- Credit valuation adjustments

SEGMENT 2:


Scott A. Taub, Managing Director,
Financial Reporting Advisors, LLC (FRA)

- Where are we and How Did We Get Here? Where are we?
- A Problem and a (Possible) Solution Fair Value problems and the FAS 157 Solution
- Statement 157 – Fair Value
    - Fair Value (Entity-Specific) vs. Fair Value (SFAS 157)
    - FSP FAS 157-3: Fair Value in Messy Markets
    - FSP FAS 157-4: Fair Value in REALLY Messy Markets
- Where do We Go from Here: SEC Mark-to-Market Study
- Advice for Practitioners
SEGMENT 3:


Richard Marshall, Partner,
Ropes & Gray, LLP

- SEC expectations and guidance on testing valuations
    - The "acid test"
    - The "static price" test
    - Required disclosures

- Relevant recent enforcement cases on valuation: lessons for compliance
    - The Citigroup case
    - Earlier MD&A cases
    - The Bear Stearns case and its implications for valuation disclosure

- Reflections on the implications of the FAS 157 debate on the process for developing
  accounting standards
    - Congressional efforts to modify FAS 157
    - The SEC report and its response
    - Congressional pressure and the changes to FAS 157
    - Implications for the future development of accounting standards

- Did FAS 157 contribute to the financial crisis?
    - The argument that FAS 157 contributed to the financial crisis
    - The case exonerating FAS 157





Deloitte & Touche
Craig Stevens
Senior Manager, Regulatory & Capital Markets Consulting
speaker bio »»

Financial Reporting Advisors, LLC (FRA)
Scott A. Taub
Managing Director
speaker bio »»

Ropes & Gray, LLP
Richard Marshall
Partner
speaker bio »»

Who Should Attend?

- Controllers
- Business Officers
- CFO’s
- Treasurers
- CPAs
- CFAs
- Auditors
- Financial Directors/Analysts
- Valuation Analysts
- Investment Bankers

Why Attend?

This is a must attend event for anyone interested in knowing more about the Statement 157 and its impact on businesses.
- New guidance explained by the most qualified key leaders & experts
- Hear directly from key regulators & thought leaders
- Interact directly with panel during Q&A

Registration Information:                                                                                                                                    


** Discounts Apply for early registration

Disclaimer:
Please note, the event date is firm although it may be subject to change. Please click here for details.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Statement 157 Implementation Issues: Rebroadcast with LIVE Q & A
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The Knowledge Conference is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Website: www.nasba.org


 

We are an approved multi-event sponsor in the state of California. Our provider ID is: 14451. In Texas, Illinois, and Virginia, we submit programs for individual approval in advance. In all other states, once attendance is verified, participants are emailed an official certificate of attendance which they submit to their respective State Bar Associations. Our programs are created with continuing education in mind and are therefore designed to meet the requirements of all State Bar Associations. If you have any questions, please email our CLE coordinator at: info@knowledgecongress.org

Attention New York Attorneys:

This program is approved for CLE credit under New York’s Approved Jurisdiction policy. The Knowledge Group, LLC is an approved sponsor in the state of California, a New York Approved Jurisdiction. This program fulfills the non-traditional format requirement of exceeding 60 minutes in length. Please note only experienced attorneys (more than 2 years) are eligible to receive CLE credit via non-traditional format learning platforms. The Knowledge Group will verify attendance during the webcast via secret words (3 per credit hour) and by auditing attendees log in and log out records. All verification instructions will be provided during the webcast. Once attendance verification requirements have been completed, the attendee will be issued a certificate of attendance be The Knowledge Group for the course with the recommended number of credit hours. The Certificate of Attendance is normally sent via email in 24 hours or less.

To Claim Your CLE Credits:

The attorney should simply include credits earned via Knowledge Group webcasts when computing the total number of CLE credits completed, and keep the Knowledge Group Certificate of Attendance for a period of at least four (4) years in case of audit. An attorney may count towards her/his New York CLE requirement credit earned through the Approved Jurisdiction policy without notifying the CLE Board.

To learn more about New York’s Approved Jurisdiction policy. Please visit: http://www.nycourts.gov/attorneys/cle/approvedjurisdictions.shtml



 
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