FASB UPDATE LIVE TRAINING CONFERENCE

FAS 157—Fair Value Measurements—and FAS 159—Fair Value Option for Financial Assets and Liabilities—provide you with unique challenges and opportunities. The challenges are in applying the Fair Value Guidance from FAS 157 and the opportunity is in applying that guidance to Financial Assets/Liabilities in FAS 159.

In FAS 157, accountants now have for the first time a definitive roadmap for determining the fair value of assets and liabilities. FAS 157 provides accountants and auditors with that framework for applying fair value measurements — Levels 1, 2, and 3 and the acceptable measurement devices—market, income, cost methodologies for valuing assets and liabilities. FAS 159 is the first accounting standard specifically written using the valuation guidance of FAS 157.

It represents an opportunity to proactively analyze your investment and liability portfolios and make a companywide determination as to the advantages/ disadvantages of selecting the Fair Value Option for Financial Assets/Liabilities. (The election represents phase 1 of a 2 phase project. Phase 2 will provide accounting guidance on applying fair value measurements to Operating Assets/Liabilities.) The day-long workshop will prepare you to understand and apply the accounting implications of implementing Fair Value Accounting.

AGENDA

8:30 – 10:15 FAS 157 INTRODUCTION

Overview of the Standard
How to Apply Fair Value Accounting to Current Accounting Standards
What “skill-sets” will be required to implement Fair Value Accounting
Disclosure Requirements

10:15 – 10:30 Coffee Break

10:30 – 11:00 FAS 159 INTRODUCTION

Overview of the Standard
Hedge Accounting vs. the Fair Value Option
Disclosure Requirements

11:00 – 12:30 VALUATION ISSUES & GENERAL PRACTICE ISSUES

Modeling Techniques to Implement Fair Value Accounting
Mark to Model Accounting
Challenges in Implementing FAS 157/159
Problem areas—Insights from Practice

12:30 – 1:30 Luncheon

1:30 – 2:30 SYSTEMS, CONTROLS AND GOVERNANCE

How to build a “Model Architecture”
Building controls to assume model validity

2:30 – 4:30 (Coffee Break 3:15 - 3:30) INDUSTRY SPECIFICS – PROBLEMS AND APPLICATION

What specific accounting challenges will companies face when implementing fair value accounting
Detailed examples to better understand applying the conceptual guidance of Fair Value Accounting
Specific industries examined will include energy/commodities, investment companies, insurance, and banking, mortgage and finance companies

4:30 – 4:45 Question and Answer Session

4:45 Program Adjourns

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