Fair Value Accounting: A Critical New Skill for All CPAs

Text and DVD/Manual (Available Now); On-Demand format (Available August 30, 2010)

Ideal for self-study or on-site training!

Gain insights into the conceptual and practical reasons for using fair value as the required (or optional) measurement attribute for new and existing accounting guidance. The course covers the conceptual and practical issues which arise when fair value measurement is implemented under existing FASB guidance and provides examples of these issues. In addition, the measurement and estimation challenges that confront preparers and auditors in making fair value measurements are presented and related guidance is provided.

• Understand key terminology in FASB ASC 820, Fair Value Measurements and Disclosures (formerly SFAS No. 157)
• Apply the fair value hierarchy to appropriate approaches to measurement
• Identify and evaluate the impact of the key measurement components as they pertain to management's representations and auditors' responsibilities
• Apply fair value accounting to certain FASB guidance that requires measurements of assets or liabilities at fair value

Prerequisite: Basic understanding of accounting principles

In this video, Lawrence J. Gramling, Ph.D., CPA, Professor of Accounting at the University of Connecticut, discusses the required (and permitted) use of fair value accounting under FASB guidance with Scot Phillips, CPA, a Partner at Eide Bailly LLP and a PCPS Technical Issues Committee member, Teresa D. Thamer, CPA, CFE, Associate Professor at Brenau University, and Mark L. Zyla, CPA/ABV, CFA, ASA, Managing Director at Acuitas, Inc.

*(146-min. video) The DVD disk contains the video presentation and a viewable copy of the Manual.
**The Additional Manual is for group study training only. Unlike other formats, it has no exam answer sheet and cannot be used to earn self-study credit.