Fair Value Accounting and Reporting

Submitted by Administrator on Mon, 12/19/2011 - 3:33pm

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Course Title: Fair Value Accounting and Reporting

Description: This course explores the concepts of fair value measurements and the fair value option. The learner will gain an understanding of the fair value framework, approach, hierarchy, and detailed disclosures required for both statutory and GAAP financial reporting.

Topic: Investment Accounting and Statutory and GAAP Accounting and Reporting for Financial Assets and Liabilities

Level: Basic

CPE Credit: 1.5 hours

Prerequisites: None

NASBA publication/revision date: October 2011

Learning Objectives:

Upon successful completion of Fair Value Accounting and Reporting, the learner should be able to:
  • Describe the elements that comprise the standard framework of fair value measurements
  • Define fair value under the new definition and understand key terminology used in the definition
  • Describe the fair value approach and the steps taken to derive the proper fair value measurement
  • Identify the differences between levels 1, 2, and 3 of the fair value hierarchy
  • Identify and become comfortable with the required disclosures under fair value measurements and fair value option
  • Understand SSAP 100 and the key element of the GAAP guidance that was not adopted by the NAIC
Outline:
  • Getting Started
  • Learning Objectives
  • Fair Value Measurement Background
  • Fair Value Option Background
  • Items Currently Measured at Fair Value
  • Fair Value Measurement – Framework
  • Fair Value Measurement – Definition
  • Fair Value Approach
  • Fair Value Measurement- Valuation Techniques
  • Fair Value Hierarchy
  • Fair Value Determination Examples
  • Fair Value Measurement Disclosures
    • Recurring Basis Example
    • Significant Level 3
    • Nonrecurring Basis Example
  • Fair Value Option for Financial Assets and Liabilities – GAAP Only
  • Fair Value Option – Balance Sheet Disclosures
  • Fair Value Option – Income Statement Disclosures
  • Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly
    • Factors to Consider
    • Further Considerations
    • Identifying Disorderly Transactions
    • Weighting the Evidence
  • Fair Value Additional Disclosures
  • SSAP 100 Fair Value Measurements

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DateTimeCost
$160 (first attendee)
$140 (each additional attendee)		Registration is closed.
(Registration closes 2 hours prior to the starting time.)

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