FASB UPDATE LIVE TRAINING CONFERENCE

In the aftermath of Enron, accounting for SPEs became a focus of many in the financial reporting community. This led the FASB to issue two interpretations – 46 and 46 ( R ). In the process, the FASB changed the notion from an SPE to a VIE. Obtain technical insights into FASB’s Financial Interpretation No. 46 ( R) issued to shore up differences in practice of applying rules on variable interest entities.

Topics covered include:

When should a company issue combined or consolidated financial statements
What constitutes a VIE – association and involvement
The presentation of stand-alone financial statements for a VIE
How to consolidate an interest in a VIE
Audit implications of not consolidating
How to determine the primary beneficiary of a VIE
Implications for financial statements prepared under the income tax basis of accounting

AGENDA

8:00 - 8:30 REGISTRATION AND CONTINENTAL BREAKFAST

8:30 – 9:15 FIN 46R - WHAT IS FIN 46R TRYING TO ACHIEVE?

Reasons why the FASB wrote FIN 46R
How businesses have gone about implementing FIN 46R
What lessons have been learnt?
What does it all mean and is it relevant to me?
Definition of general terms
Entities which are scoped-out of FIN 46R

9:15-10:15 WHAT IS A VIE?

What is meant by equity at risk?
When is equity sufficient?
What is control and who has it?
“Linked” interests and the interaction with EITF 04-5 for limited partnerships
How does the anti-abuse clause work?

10:15 – 10:30 COFFEE BREAK

10:30 – 12:00 SO IT’S A VIE – WHAT NOW?

How to identify variable interests, including
Implicit Variable Interests
FSP FIN 46(R)-6
Mini-case studies
To consolidate or to not consolidate
How to account for non-consolidated interests

12:00 – 1:00 LUNCHEON -- Use this opportunity to network and build relationships that will last long after the conference has adjourned. Share experiences and ask questions of your peers and the experts in an informal atmosphere.

1:00 - 2:00 WHAT EXACTLY IS EXPECTED LOSSES AND HOW ARE THEY CALCULATED AND ALLOCATED?

Expected losses vs. actual losses
How to model expected losses
Case study for calculating and allocating expected losses

2:00 - 3:00 OTHER MISCELLANEOUS CONSIDERATIONS AND ADDITIONAL CONSIDERATIONS

Development enterprises
Silos
Public/Non-Public entities

3:00 – 3:15 REFRESHMENT BREAK

3:15 – 4:15 CONSIDERATIONS IN STRUCTURING A NEW DEAL, INCLUDING PROCESSES AND CONTROLS

Points to consider when structuring a new transaction
Accounting processes and controls
Purpose of the entity
Preferred accounting treatment
Accounting options
Common pitfalls - can I structure my way out of FIN 46R?
KPMG

4:15 – 5:30 SPECIFIC CASE STUDIES

Joint Ventures
Pharmaceuticals
Manufacturers
Partnerships
Collateralized Debt Obligations
Franchisees
Energy Plants

5:30 ADJOURNMENT

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