DAY ONE

9:00 - 10:15 CURRENT FINANCIAL REPORTING ISSUES
The FASB is changing the content of GAAP under a restructured standing setting process which includes changing the process for finalizing EITF issues and the issuance of FSPs. The FASB is also codifying all accounting standards. In this session, you will learn about the changing environment of accounting standards including:

• The changes to the hierarchy of GAAP and the GAAP Codification

• Process for finalizing EITFs

• Issuance of FSPs

• Change in authority of AcSEC

• FASB process to achieve international convergence of accounting standards; standards already converged, and summary of issues under consideration

• FASB movement towards “principles-based” standards

• The changing conceptual basis of GAAP

• SEC independence standards

• Materiality issues

• Critical accounting policies and estimates

10:15 - 10:30 Coffee Break

10:30 -12:00 FAIR VALUES AND FAIR VALUE ACCOUNTING
The FASB is moving toward including more fair values in financial statements and providing options for fair value accounting for financial assets and liabilities. In this session you will learn about the definition of fair values, options for reporting fair values, and fair value methods.

• Fair values and their calculation from FAC No. 7

• Defining and disclosure of fair values from FAS 157

• FAS 156 on servicing rights

• The fair value option for financial assets and liabilities under FAS 159

• Accounting for markets not active under EITF 99-20

12:00 - 1:00 LUNCHEON An opportunity to network with your course leader and peers.

1:00 -1:45 LIABILITIES AND EQUITY
Balance sheet classification of items is receiving increasing scrutiny in the current reporting environment. Learn about FAS 150, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity, which affects the classification of certain items in the balance sheet. The FASB is revisiting the concepts in FAS 150 and appears to be overturning some prior decisions. Changes in accounting for complex instruments with features such as beneficial conversion rights and detachable warrants and future accounting without a “mezzanine” will be covered.

1:45 - 2:15 DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Learn what constitutes a derivative, what types of hedges are identified in FAS 133/138/149 and the related accounting for derivatives and hedging activities. Also includes coverage of FAS 155 on valuing hybrid and financial instruments, as well as current proposals for international convergence and simplification.

2:15 - 2:45 TRANSFERS OF FINANCIAL ASSETS AND DISCLOSURES
The FASB has proposed dramatic changes in the accounting for transfers of financial assets. The proposed changes and the interim disclosures prior to the effect of these disclosures will be covered..

2:45 - 3:00 Coffee Break

3:00 - 4:30 BUSINESS COMBINATIONS AND INTANGIBLE ASSETS
This session will cover the changes to Purchase Method Procedures in FAS 141R and FAS 160 on Noncontrolling Interests. In this session you will also learn about the continuing issues which will affect FAS Nos. 141R and 142 as well as some common practice problems that have arisen. Control by contract under FIN 46R and FAS 141R is covered in the next session.

• What is a business combination

• Post-acquisition accounting for intangible assets

• Indefinite-lived intangibles

• Application of the impairment-only model for goodwill

• EITF issues related to business combinations and intangible assets

• New standards on purchase method procedures and consolidation

4:30 - 5:15 VARIABLE INTEREST ENTITIES/CONTROL BY CONTRACT
FASB has issued two interpretations -- 46 and 46 (R) concerning the consolidation of entities where control is by other than ARB 51. In the process, the FASB changed the notion from an SPE to a VIE. The reporting of variable interest entities (now known as control by contract) is included in FAS 141R. Learn about:

• Accounting measurement and disclosure requirements for such entities

• Involvement and determination

• How to determine whether consolidation is required

• How to consolidate

• Proposed changes in the determination of a primary beneficiary

DAY TWO 

8:30 - 10:00 SHARE BASED COMPENSATION ISSUES
FAS No. 123R requires most companies to recognize the cost of stock options and other share based payments on their books. Learn about:

• Valuing share based payments

• Differences between share based payments to employees and to non-employees

• Accounting for contingent features, modifications, and terminations

• Accounting for tax impacts and cash flows

• Differences between FASB standard and IASB’s IFRS No. 2 standard on share-based payments

10:00 - 10:15 Coffee Break

10:15 - 11:00 CONTINGENCIES AND UNCERTAINTIES
Contingencies are still covered under FAS No. 5. FIN 45 requires accounting for uncertainties and adds certain disclosure requirements for contingencies. The session will cover:

• The measurement and disclosure of uncertain liabilities

• Reporting of costs

• Disclosure changes for both uncertainties and contingencies

11:00 - 11:30 OBLIGATIONS FOR RETIREMENT OF LONG-LIVED ASSETS
FAS No.143 requires companies to recognize a liability associated with the retirement of long-lived assets. FIN 47 has resulted in additional recorded liabilities for asset retirement obligations. In this session, you will learn:

• What constitutes an asset retirement obligation (ARO)

• How the obligation is measured

• Post-recognition accounting for the obligation and related asset

• Conditional asset retirement obligations under FIN 47

11:30 - 12:15 PENSIONS AND POST-RETIREMENT BENEFITS
Increasing disclosure requirements for pensions are already required by FAS 132R. New measurement standards are now effective. Longer-term implications of the project will also be discussed.

• FAS 158

• Changes to illustrations in FAS 87, 88, 106 and 132

• Changes in disclosures due to amendment of FAS 132R

12:15 - 1:15 LUNCHEON An opportunity to network with your course leader and peers.

1:15 - 2:00 ACCOUNTING FOR RESTRUCTURINGS AND IMPAIRMENTS
Impairments are a major issue during any economic downturn. Learn about the different types of impairment measures. EITF 03-1, FAS Nos. 144 and 146 changed the accounting and disclosures for restructurings, impairments, and discontinued operations. Learn about:

• Impairment of financial assets, intangibles, and receivables

• Impairment of long-lived assets subject to depreciation or amortization

• Impairment of long-lived assets held for sale

• Accounting and reporting of discontinued operations under FAS No. 144

• Recognition of a restructuring obligation under FAS No. 146

• Learn to separate other impairment issues (FAS 114, FAS 115, FAS 142) from FAS 144 and 146

• Discussion of ordering of impairments 

2:00 - 2:30 ACCOUNTING FOR INCOME TAXES
FIN 48 requires additional consideration for measuring and disclosing about current and deferred taxes. In this session, you will learn about:

• Definition of a tax position

• Estimation of the amount that can be recorded

• Disclosure issues for tax positions

2:30 - 2:45 Coffee Break

2:45 - 4:00 REVENUE RECOGNITION ISSUES
Revenue recognition has become a major issue. Learn about issues such as FAS 48, the impact of the Uniform Commercial Code and side agreements, multiple element arrangements, and the SEC viewpoints. Learn also about new issues.

• EITF 00-21

• EITF 04-13

• EITF 06-1

4:00 - 5:00 OTHER FASB AND SEC INITIATIVES, INCLUDING PCAOB
There are other projects on the horizon which could significantly affect financial reporting practices in the future. In this session, you will hear an overview of some of the key ones including:

• Segment reporting after EITF 04-10

• Financial performance reporting

• Issues from EITF and FASB Staff Positions

• Accounting for property, plant and equipment issues

• Misleading an auditor

• Management reporting on internal controls and PCAOB initiatives

5:00 FASB UPDATE ADJOURNS

Extend Your Learning with these optional add-on session:

FAS 141(R) BUSINESS COMBINATIONS

Full Day (post-conference) Las Vegas and New York

FAIR VALUE - FAS 157/159