Understanding Financial Instrument Accounting Overhaul & Fair Value

Summary:

Recently, the Financial Accounting Standards Board (FASB) released a proposal to update rules governing accounting for financial instruments. This sweeping legislation will significantly impact the industry’s landscape. Much of it centers on measuring these complex financial instruments at fair value (or something close to it). While this comprehensive legislation has many facets, it will focus on redefining accounting for financial instruments in these areas:

- Classification and Measurement of Instruments
          - Fair Value vs. Amortized Costs
           - How Changes in Fair Value is recorded (earnings vs. comprehensive income)

- New More Consistent Models for Impairment on Loans & Debt Securities
          - Delaying Recognition of Credit Losses

-  Hedging of Financial Instruments & Risks Using Derivatives

The Knowledge Group has assembled a team of experts who will help untangle the complex new rules and how they will impact your firm. Click the “Register” button below to sign up today. Advanced registration is recommended as space is limited. Significant discounts apply for early registration.

Course Level: Intermediate
Prerequisite: None
Method Of Presentation: Group-Based-Internet
Developer: The Knowledge Group, LLC
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: 103979

SEGMENT 1:

Jeffrey T. Allen, Managing Director Financial Instruments and Credit Group,
PricewaterhouseCoopers LLP

Introduction: Catalysts for the FASB/IASB joint project on accounting for financial instruments

SEGMENT 2:

Enrique Tejerina, Partner, Department of Professional Practice,
KPMG LLP

- Proposed changes to the classification and measurement guidance for financial instruments
     - Classification and measurement categories
     - Criteria to qualify for specific categories
     - Guidance for certain specific financial instruments

SEGMENT 3:

Jamie Mayer, CPA, Senior Manager, Accounting Principles Consulting Group (APCG),
Grant Thornton LLP

- How the proposed model would impact the timing of credit impairment recognition
- How the removal of the other-than-temporary impairment guidance for investment securities would affect the measurement of impairment that is recognized in net income
- Why the amount of interest income on debt instruments recognized each period would often be   lower under the proposed guidance than under current guidance

SEGMENT 4:

Mike Strong, Director, Accounting Policy Group,
Chatham Financial

- Assessing hedge effectiveness
- Dedesignation of a hedging relationship
- Measuring and reporting ineffectiveness in cash flow hedging relationships
- Bifurcating embedded derivatives
- Additional derivatives disclosures

SEGMENT 5:

Jeffrey T. Allen, Managing Director Financial Instruments and Credit Group,
PricewaterhouseCoopers LLP

Concluding remarks:
- Principal objectives of the FASB ED: Realistic, or wishful thinking?
- The fair value vs. amortized cost debate: Does the latter continue to serve a useful purpose?
- IFRS and US GAAP convergence: How likely a prospect in the context of financial instruments, and when?

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Who Should Attend?

- Controllers
- Treasurers
- Financial Analysts
- Risk Managers
- Asset and Liability Managers
- Management and Accounting
- Auditors
- CPAs
- Valuation Analysts

Why Attend?

This is a must attend event for anyone interested in understanding the update on financial instrument accounting overhaul & fair value
- New guidance explained by the most qualified key leaders & experts
- Hear directly from key regulators & thought leaders
- Interact directly with panel during Q&A

Understanding Financial Instrument Accounting Overhaul & Fair Value
LIVE Webcast

Thursday, August 26, 2010

3:00pm to 5:00pm (ET)