While once thought just to apply to banking and financial institutions, entities now need to apply fair value accounting under ASC 820 across a variety of transitions. From financial instruments to leases, business combination accounting and impairment measurement, GAAP either requires or allows the use of fair value measures in an ever increasing number of circumstances. Now is the time for you to get up-to-speed on the basics of the fair value approach. In this course, we will review when fair value accounting is required and when an entity can select to use it. Then we will review the basics of the ASC 820 model, including the concept of “exit price,” the various approaches which an entity may follow when using a fair value approach and the different levels of inputs which an entity may consider when determining fair value. Lastly, the course will provide examples on when and how to apply this complex accounting guidance.
Applicability of the use of ASC 820. The “exit price” approach. Examples of market, cost and income approaches to estimating fair value. Use of Level 1, 2 and 3 inputs in determining fair value.
Experience in accounting and auditing
Recall when entities can elect and are required to use the fair value option. Discuss the “Exit price” approach used in ASC 820. Identify how to determine the fair value of assets and liabilities under the ASC 820 fair value approach. Identify appropriate inputs to use when determining the fair value of an asset or liability.
Curtis is an individual practitioner and has spent several years in industry as a Corporate Controller. Most recently he served as Controller of the region’s largest electronics distributor, with offices located in twenty states. As a Lieutenant Colonel in the U.S. Army Reserve, he teaches classes at the U.S. Army’s Command and General Staff College in Fort Leavenworth. He recently served an eight month tour of duty with the US Army at the Combined Central Command Center in Kuwait, in support of Operation Iraqi Freedom. He is a Past President of the Central Chapter of the Arkansas Society of CPAs, and Past Chairman of the Industry and Commerce Committee.
Non-Member Price $205.00
Member Price $155.00