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Don’t
miss this critical update of one of the most complex accounting standards
— one of the leading causes of restatements.
This
highly interactive program integrates lectures and cases that are designed
to highlight and clarify a host of implementation concerns.
DAY
ONE
Led By: Ira G. Kawaller, President, Kawaller & Company LLC
9:00-10:45 OVERVIEW OF TRADITIONAL DERIVATIVES:
Basic terminology and market conventions
• Futures
• Forwards
• Options
• Swaps
10:45-11:00 COFFEE BREAK
11:00-11:45 FAS 133 ACCOUNTING OVERVIEW
• “Regular” accounting
• Special hedge accounting
—Fair value accounting
—Cash flow accounting
—Accounting for hedges of net investments
11:45-12:30 HEDGE DOCUMENTATION REQUIREMENTS
• Pitfalls of identification
• “Excluded Items”
• Special Treatment under DIG Issue G20
• Implications for caps and floors
12:30-1:30 LUNCHEON An informal opportunity to network with the faculty and your colleagues.
1:30-2:30 EFFECTIVENESS TESTING ISSUES
• The “hypothetical derivative” concept
• Calculating dollar offset ratios
• A primer on the use of regression
• Audit/Sec concerns
2:30-3:00 DISCLOSURES (FAS 161)
• Review of requirements
• Common misrepresentations (to be avoided)
• Examination of sample presentations
3:00-3:15 COFFEE BREAK
3:15-5:00 CURRENCY HEDGING
• Accounting for alternative exposure types
• Documentation pitfalls
• Hedging firm commitments
• Uses of cross-currency interest rate swaps
• Consolidation issues
5:00 — DAY ONE ADJOURNMENT
DAY TWO
9:00-10:15 HEDGING INTEREST RATE EXPOSURES
• Swap Pricing
• Shortcut treatment and case study
• Cash flow (long haul)
• Fair value (long haul)
• Effectiveness concerns
Ira G. Kawaller, President, Kawaller & Company LLC
10:15-10:30 —COFFEE BREAK
10:30-11:00 COMMODITY HEDGING
• Applying the normal purchase/sale exemption
• Documenting the hedging relationship
• Defining a hypothetical derivative
• Maintaining effectiveness when basis risk is evident
Ira G. Kawaller, President, Kawaller & Company LLC
11:00 – 12:00 ACCOUNTING CASE STUDY
This case demonstrates the process by which journal entries are determined when hedges are imperfect. It illustrates by example exactly how the amounts to be allocated to OCI and earning are calculated and how amounts critical to required disclosures are determined.
Ira G. Kawaller, President, Kawaller & Company LLC
12:00-1:00 —LUNCHEON
1:00-2:00 NON-HEDGE FAS 133 CONCERNS
• Definition of a derivative
• Exemptions to the standard
• Embedded derivatives
• “Clearly-and-closely-related”
One of the following will present at each location:
Edmond Hardy, Partner, Capital Markets, Deloitte & Touche LLP
Timothy Schott, Partner, Capital Markets, Deloitte & Touche LLP
Sachin Sethi, Partner, Capital Markets, Deloitte & Touche LLP
Jade Shopp, Partner, Capital Markets, Deloitte & Touche LLP
2:00-2:45 OTHER ACCOUNTING CONSIDERATIONS
• Derivatives and cash flow statements
• Issues relating to FAS 52
• Bifurcation or fair value election?
• International accounting standards
• The FAS 133 exposure draft
• Briefing on current FASB projects
One of the following will present at each location:
Edmond Hardy, Partner, Capital Markets, Deloitte & Touche LLP
Timothy Schott, Partner, Capital Markets, Deloitte & Touche LLP
Sachin Sethi, Partner, Capital Markets, Deloitte & Touche LLP
Jade Shopp, Partner, Capital Markets, Deloitte & Touche LLP
2:45-3:30 OPEN DISCUSSION AND Q&A: CURRENT CONCERNS OF CONFERENCE PARTICIPANTS
Ira G. Kawaller, President, Kawaller & Company LLC
One of the following will present at each location:
Edmond Hardy, Partner, Capital Markets, Deloitte & Touche LLP
Timothy Schott, Partner, Capital Markets, Deloitte & Touche LLP
Sachin Sethi, Partner, Capital Markets, Deloitte & Touche LLP
Jade Shopp, Partner, Capital Markets, Deloitte & Touche LLP
3:30 — COURSE ADJOURNMENT
BUILDING
BLOCKS OF DERIVATIVES-Financial Futures, Options and Swap Contracts
SEE WHAT RECENT
ATTENDEES HAD TO SAY!
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NOTEBOOK:
All attendees
will receive our conference notebook free of additional charge at the
meeting.
Non-attendees may order notebooks and attendees may order
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