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Fair Value Accounting: Tools and Concepts - v11 (Course Id 1956)

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Author : Jae K. Shim, Ph.D., CPA
Status : Production
CPE Credits : 5.0
IRS Credits : 0
Price : $44.95
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 1956

Description :

Fair values are more common in financial reports because fair values have increased in business importance in recent years. Increasingly elaborate financial instruments and risk management practices have created financial statement elements for which historical cost is almost irrelevant, and fair value, and fluctuations in fair value, are extremely relevant. 

This course is designed to help you navigate the complexities of fair value measurements.  It covers the accounting and financial reporting requirements in ASC 820 Fair Value Measurement and ASC 825-10 Financial Instrument—Fair Value Option as well as insights into how to apply this guidance in practice. For example, it discusses the items for which fair value measurements are required or permitted, includes excerpts from, and references to, ASC 820 and ASC 825-10, and examples. It addresses the key concepts such as applying the fair value framework, identifying common valuation techniques, and determining eligibility for the fair value option.

Usage Rank : 0
Release : 2021
Version : 1.0
Prerequisites : Basic Math.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 15-Feb-2022
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 - Technical - NASBA Registry - 1956

Keywords : Accounting, Fair, Value, Accounting, Tools, Concepts, v11, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

After completing this course, you should be able to:
    1. Recognize basic principles of reporting liabilities on the balance sheet
    2. Identify classification and characteristics of liabilities
    3. Recognize the appropriate rules to account for contingencies
    4. Identify accounting procedures for accounts payable and deferred revenues
    5. Recognize rules for the troubled debt, environmental liabilities, and lessee accounting
    6. Recognize the accounting procedures for bonds payable and notes with no stated rate of interest
Course Contents :

Chapter 1 - Fair Value Accounting: Tools and Concepts

Part I: Fair Value Accounting

I. Overview of ASC 820

A. Background

1. The Importance of Fair Value Measurement

2. Cash Flow Information and Present Value in Accounting Measurements

3. Fair Values Used in Financial Statements

B. Scope and Practicability Exceptions

C. Fundamentals of Fair Value

D. Comprehensive Illustrations

Review Questions - Section 1

II. The Fair Value Framework

A. Determination of Unit of Account

B. Assessment of the Unit of Account

1. Nonfinancial Assets

2. Liabilities and Instruments in Equity

3. Financial Instruments and Nonfinancial Items Accounted for as Derivatives

C. Identification of Markets for Basis of Valuation

1. The Principal or Most Advantageous Market

2. Market Participants and the Price

3. Orderly Transactions

D. Application of Valuation Techniques

1. Common Valuation Techniques

2. Present Value Techniques

3. Inputs to Valuation Techniques

E. Comprehensive Illustrations

1. Restrictions on the Sale or Use of an Asset

2. Highest and Best Use and Valuation Premise

3. Measuring Liabilities

4. Valuation Techniques

Review Questions - Section 2

III. The Fair Value Hierarchy

A. General Rules

B. The Fair Value Hierarchy Framework

1. Identification of All Inputs

2. Assess the Significance of Inputs

3. Determine If Significant Inputs Are Observable

4. Evaluate Disclosure Requirements

C. Levels to the Fair Value Hierarchy

1. Level 1 Inputs

2. Level 2 Inputs

3. Level 3 Inputs

D. Fair Value Measurements and Inactive Markets

E. Comprehensive Illustrations

1. Level 2 Inputs

2. Level 3 Inputs

IV. Disclosure Requirements

A. General Rules

1. Objectives and Scope

2. Determination of Classes of Assets and Liabilities

3. Reliability Assessment

B. Fair Value Hierarchy Classification

1. Recurring vs. Nonrecurring Measurements

2. Derivative Assets and Liabilities

3. Other Matters

C. Comprehensive Illustrations

1. Information about Fair Value Measurements Categorized within Level 3

2. Recurring vs. Nonrecurring Measurements

Review Questions - Section 3

Part II: Fair Value Option

I. Financial Assets and Financial Liabilities

A. General Rules

1. Types of Financial Instruments

2. Fair Value Option Scope

3. Accounting Election

4. Instrument Application

B. Financial Statement Presentation and Disclosure

1. General Rules

2. Balance Sheet

3. Income Statement

4. Eligible Items at Effective Date

C. Comprehensive Illustration

Review Questions - Section 4

Appendix A - Present Value Tables

Appendix B - Walt Disney Disclosures


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