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: 2.0
(Please note, your State Bar or Accounting Board will make the final determination with respect
to continuing education credit.)
Advance Preparation: Print and review course materials
Course Code: 093851
Craig Stevens
Senior Manager, Regulatory & Capital Markets Consulting
Richard Marshall
Partner
Scott A. Taub
Managing Director
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
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
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
- Controllers
- Business Officers
- CFO’s
- Treasurers
- CPAs
- CFAs
- Auditors
- Financial Directors/Analysts
- Valuation Analysts
- Investment Bankers
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