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Fair value provides a realistic, market-based measure of an entity’s assets and liabilities giving investors and managers a current view of an entity’s financial health. Now is the time to understand when fair value is used as well as how fair value is determined. In this course, we will review when fair value accounting is required and when an entity can elect to use it. Then we will review the basics of the ASC 820 model, including the definition of fair value using the concept of “exit price,” the concept of ‘highest and best use’ as well as the various valuation approaches that an entity may follow when determining fair value, and the different levels of inputs that an entity may consider when determining fair value. Lastly, the course will provide examples of when and how to apply the accounting guidance.
Accounting and auditing practitioners at all levels desiring to understand the FASB’s fair value guidance Prerequisite
Experience in accounting and auditing Advance Preparation
None IRS Approved
No CFP Approved
No
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