- Credits: 8
- Format: Self-Study eBook
- Field of Study: Accounting 7 | Auditing 1
- Author/Speaker: Michael Walker, CPA
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|© July 2019||General Understanding of Accountancy||Self-Study eBook|
Numerous FASB Standards have been issued requiring certain items to be measured and reported at “fair value” on the Balance Sheet. Prior to the release of ASC 820 Fair Value Measurements and Disclosures (formerly known as SFAS 157), the concept of “fair value” had never been formally defined in U.S. accounting literature. Since its issuance in September 2006, ASC 820 has become one of the most controversial accounting standards ever released.
This course provides a conceptual review of fair value accounting, as outlined in ASC 820 and other U.S. accounting standards. This course will also provide an overview of the authoritative guidance for auditing fair value measurements and disclosures, SAS No. 101.
- Chapter 1: THE EVOLUTION OF FAIR VALUE
- Chapter 2: MEASUREMENT
- Chapter 3: VALUATION TECHNIQUES AND INPUTS
- Chapter 4: AUDITING FAIR VALUE MEASUREMENTS AND DISCLOSURES
- Chapter 5: THE FAIR VALUE OPTIONS
- Chapter 6: THE FAIR VALUE CONTROVERSY
After reading the course material, you will be able to:
- Define ‘fair value’ and explain the fair value framework and hierarchy included in ASC 820 Fair Value Measurements and Disclosures.
- Identify the roles that management and the auditor have in the fair value measurement process.
- Recognize the key aspects of the fair value option.
- Recognize the limitations of fair value accounting.
Who Should Attend:
- All Certified Public Accountants (CPAs)