Description
Gain a better understanding of reporting with fair value measurements.This presentation on FASB Statement 157 will provide you with a comprehensive understanding of fair value measurement and its importance in financial reporting. You will learn about the definition of fair value under FASB Statement 157, its implications in the current marketplace, and practical tips for implementing the new standards and working with an auditor. Additionally, you will gain insights into recent changes and trends in financial reporting and how they relate to fair value measurement.
Date: 2023-07-19 Start Time: End Time:
Learning Objectives
Background of FASB Statement 157
• History and Purpose of FASB Statement 157
• Definition of Fair Value, Key Concepts, and Principles
• Importance of Fair Value Measurement in Financial Reporting
Implications of the Definition of Fair Value in the Current Marketplace
• Impact on Asset/Liability Valuation
• Challenges and Opportunities for Businesses
• Case Studies and Examples
Practical Tips for Applying the New Standards
• Best Practices for Implementation
• Common Pitfalls and How to Avoid Them
• Tools and Resources for Compliance
Changes in the Financial Reporting World Over 2022 and 2023
• Overview of Recent Changes and Trends
• How FASB Statement 157 Fits Into the Broader Landscape
• Future Developments and Predictions
Working With an Auditor
• Importance of Collaboration With Auditors
• Tips for a Smooth Audit Process
• How to Address Potential Issues and Discrepancies
Benjamin Rodriguez-, Trevor Shaw, CPA, CFF, ABV – Withum Smith+Brown, PC
