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| Author : | Michael J Walker, CPA |
| Course Length : | Pages: 38 ||| Review Questions: 54 ||| Final Exam Questions: 40 |
| CPE Credits : | 8.0 |
| IRS Credits : | 0 |
| Price : | $71.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Accounting - Accounting for Course Id 1126 |
| Description : | Numerous FASB Standards have been issued requiring certain items to be measured and reported at “fair value” on the Balance Sheet. Prior to the release of ASC 820 Fair Value Measurements and Disclosures (formerly known as SFAS 157), the concept of “fair value” had never been formally defined in U.S. accounting literature. Since its issuance in September 2006, ASC 820 has become one the most controversial accounting standards ever released. This course provides a conceptual review of fair value accounting, as outlined in ASC 820 and other U.S. accounting standards. This course will also provide an overview of the authoritative guidance for auditing fair value measurements and disclosures, SAS No. 101. |
| Usage Rank : | 25833 |
| Release : | 2023 |
| Version : | 1.0 |
| Prerequisites : | None. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Fair Value: Its Definition, Formula, and Example
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 30-Sep-2023 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - Text - NASBA Registry - 1126 |
| Keywords : | Accounting, Fair, Value, Accounting, Overview, cpe, cpa, online course |
| Learning Objectives : |
Course Learning Objectives
Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6
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| Course Contents : | Chapter 1 – The Evolution of Fair Value 1.1 Historical Cost 1.2 The Rising Tide of Fair Value: The S&L Crisis 1.3 A New Sense of Urgency: The Enron Crisis 1.4 ASC 820: Fair Value Measurements and Disclosures Chapter 2 – Measurement 2.1 Definition of Fair Value 2.2 Fair Value Framework 2.2.1 The price 2.2.2 The principal (or most Advantageous) market 2.2.3 Market participants 2.2.4 Attributes of the asset or liability 2.2.5 “Highest and best use” 2.2.6 Unit of account 2.3 Fair Value at Initial Recognition Chapter 3 – Valuation Techniques & Inputs 3.1 Valuation Techniques 3.2 Valuation Inputs 3.3 Fair Value Hierarchy 3.3.1 Level 1 Inputs 3.3.2 Level 2 Inputs 3.3.3 Level 3 Inputs 3.4 Pricing Services and Broker Quotes 3.5 Bid-Ask Prices Chapter 4 – Auditing Fair Value Measurements and Disclosures 4.1 ASC 820 Disclosures 4.1.1 Recurring fair value measurements 4.1.2 Non-recurring fair value measurements 4.2 SAS No. 101, Auditing Fair Value Measurements and Disclosures 4.2.1 Understanding the entity’s process for determining fair value measurements and disclosures and the relevant controls, and assessing risk 4.2.2 Evaluating conformity of fair value measurements and disclosures with GAAP 4.2.3 Testing the entity’s fair value measurements and disclosures 4.2.4 Testing management’s significant assumptions, the valuation model, and the underlying data 4.2.5 Auditing Disclosures about Fair Values Chapter 5 – The Fair Value Option 5.1 Introducing the Fair Value Option 5.2 ASC 825-10 Financial Instruments: The Fair Value Option 5.2.1 Scope 5.2.2 Excluded items 5.2.3 Accounting Election 5.2.4 Timing 5.2.5 Accounting Impact Chapter 6 – The Fair Value Controversy 6.1 The Great Recession of 2007-2009 6.2 The Critical Backlash at “Fair Value” Glossary |
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