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Sept 15-16, 2008 |
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New York, NY
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Nov 12-13, 2008 |
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Chicago, IL
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Nov 19-20, 2008 |
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Las Vegas, NV
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Dec 2-3, 2008 |
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San Francisco, CA
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Dec 8-9, 2008 |
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Kissimmee, FL
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DAY ONE
9:00 - 10:15 CURRENT FINANCIAL REPORTING ISSUES
The FASB is changing the hierarchy of GAAP and has restructured the standard setting process including changing the process for finalizing EITF issues and the issuance of FSPs. The FASB is also considering other changes in GAAP,
including the codification of all accounting standards. In this session, you will learn about the changing environment of
accounting standards including:
The changes to the hierarchy of GAAP in FAS 162
Process for finalizing EITFs
Issuance of FSPs
Change in authority of AcSEC
FASB process to achieve international convergence of accounting standards
FASB movement towards principles-based standards
Reporting non-GAAP measures (formerly referred to as proforma earnings)
SEC independence standards
Materiality issues
Critical accounting policies and estimates
Accelerated filing requirements
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
Proposed FAS on financial asset transfers
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 133/149 and the related accounting for derivatives and hedging activities. The new disclosure requirements for hedging activities in FAS 161 will also be
covered. 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 SHORT-TERM CONVERGENCE
In its efforts to achieve convergence of U.S. and international accounting standards, the FASB has established a short-term convergence project to address certain issues quickly. In this session, you will learn about:
Jurisdictional IFRS and SEC issues
Non-monetary Asset exchanges: FAS 153 adopted the international standard in the U.S. EITF 04-13 amended this for certain exchanges of inventory.
Voluntary change in accounting policies and error corrections: FAS 154 now requires retrospective application for accounting policy changes and retroactive restatement for error corrections.
Inventories: The FASB has issued FAS 151 to converge the differences between U.S. GAAP and IAS 2. A staff position now requires fair value for certain trading inventories, differing slightly from the IASB requirement.
EPS: The proposed standard for EPS
Summary of other FASB/IASB Convergence Issues
2:45 - 3:00 Coffee Break
3:00 - 4:30 BUSINESS COMBINATIONS AND INTANGIBLE ASSETS
FAS Nos. 141 and 142 were only the beginning of the FASBs evaluation of accounting for business combinations. This
session will cover the changes to Purchase Method Procedures in FAS 141R and FAS 160 on
Non-controlling Interests. In this session you will also learn about the continuing issues from FAS Nos. 141 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
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
Classification of share based payments
Accounting for contingent features, modifications, and terminations
Accounting for tax impacts and cash flows
Differences between FASB standard and IASBs 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 132. 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
FAS Nos. 144 and 146 changed the accounting for restructurings, impairments, and discontinued operations. Learn about:
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 - 2:45 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
2:45 - 3:00 Coffee Break
3:00 - 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 UP DATE ADJOURNS
Extend
Your Learning with these optional add-on session:
FAS
141(R) BUSINESS COMBINATIONS
Full
Day (post-conference) New York, Las Vegas, Kissimmee
FAIR
VALUE - FAS 157/159
Full
Day (post-conference) Chicago, San Francisco
SEE WHAT RECENT
ATTENDEES HAD TO SAY!
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