FASB recently spelled out the demise of the Qualified Special Purpose Entity via its publication of Standard Nos. 166 (Accounting for Transfers of Financial Assets) and 167 (Amendments to FASB Interpretation No. 46(R) ). QSPE’s were long criticized because they allowed some assets to be removed from the company’s books although in essence, they were still actively under the control of the company. It is often thought that this significantly contributed to the rampant securitization issues that were a central part of the financial system meltdown. SFAS 166 and 167 ensure that companies can only remove assets that they do not control. Interestingly, SFAS 166 & 167 are more guidance-based vs. rules-based leaving the door open to a considerable array of interpretations. Many wonder if companies will really comply with the guidance or merely “go through the motions”. The critical issue here is how the new regulations will apply to your assets and the transactions that you may have in your pipeline.
The Knowledge Group has assembled a panel of key thought leaders and regulators to help Finance and Accounting Executives understand this and all the important issues with respect to SFAS 166 & 167 including interpretation and best practices. This live webcast is a must-attend for all professionals who need to be in the know with respect to understanding SFAS 166 & 167.
Course Level: Intermediate
Prerequisite: None
Method Of Presentation: Group-Based-Internet
Developer: The Knowledge Conference
Recommended CLE/CPE Hours: 2.0
Important 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 or you will not be able to obtain CLE credit.
Advance Preparation: Print and review course materials
Course Code: 093909
Stuart M. Litwin
Partner, Co-Head, Securitization Practice
Robert Walley
Principal, Enterprise Risk Services
Jeffrey T. Allen
Managing Director, Financial Instruments and Credit Group
Tracy S Benard
Partner, Transaction Services, New York
Stuart M. Litwin, Partner, Co-Head, Securitization Practice, Mayer Brown LLP
- Structures that will achieve sale treatment under SFAS 166 & 167
- Term ABS structures
- ABCP structures
- Update on regulatory changes resulting from adoption of SFAS 166/167
Jeffrey T. Allen, Managing Director, Financial Instruments and Credit Group, PricewaterhouseCoopers LLP
- SFAS 166
- Removal of the QSPE concept
- Revisions to the conditions for sales accounting (par. 9)
- "Participating interest": attributes and accounting for transfers thereof
- SFAS 167
- The new consolidation model for variable interest entities: "power" and "potentially significant" economics
- Kickout and participating rights: will they continue to matter?
- When may a decision-maker be considered a fiduciary?
Robert Walley, Principal, Enterprise Risk Services, Deloitte & Touche LLP
- Operationalizing SFAS 167
- Inventory Development and Control
- Investment Life cycle
- Quarterly Monitoring
- Reconsideration Processes
- Reporting
Tracy S Benard, Partner, Transaction Services, New York, KPMG LLP
- SFAS 167
- The new consolidation model for variable interest entities: "power" and "potentially significant" economics
- Kick out and participating rights: will they continue to matter?
- When may a decision-maker be considered a fiduciary?
- Refresher on current consolidation model
- Accountants/ CPAs
- Financial Analysts
- Finance Managers & Attorneys
- Securitization Practicing Attorneys and Consultants
- Financial Instruments and Credit Consultants
- Capital Markets and Corporate and Securities Consultants
- Senior Corporate Management
This is a must attend event to everyone to hear the latest updates and developments on SFAS 166 & 167 and impact to firms
- Detailed guidance explained by the most qualified key leaders & experts
- Hear directly from key regulators & thought leaders
- Interact directly with panel during Q&A