Course Information

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Fair Value Measurements - SFAS No. 157 and No. 159
Author: J. Russell Madray, CPA, CIA, CMA, CFM

Description:

In June 2003, the FASB added a project to its agenda to codify and improve guidance for measuring fair value. The near-term objective of that project was to develop a Statement that would establish a framework for fair value measurements, thereby providing a single reference source for fair value measurements required under other accounting pronouncements. FASB Statement No. 157 addressed this issue.

The FASB's longer-term objective was to improve its conceptual framework, developing conceptual guidance for its use in determining “when” to measure fair value that would focus on how the qualitative characteristics of relevance and reliability should be applied in making that determination. Consequentially, Statement No. 159 was released.

This course will review how SFAS No. 157 and SFAS No. 159 have impacted fair value measurement and measurement issues in the FASB's conceptual guidance. Topics covered include:

  • Project Objectives
  • Valuation Resource Group
  • Market Made
  • Summary of Decisions
  • Unit of Account
  • Effective Dates

Course Details:
Price:  $30.00
Field of Study:  Accounting
Prerequisites:  None
Level:  Basic
Advanced Preparation:  None
Course was last updated on:  06/03/08
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Library:
Learning Center Core

Technical Requirements:
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Credit Available For: Units
CPE 2.0 CPE
QAS 2.0 CPE

Note: Recommended CPE credit is based on a 50-minute hour. Participants earning credits for states that require self-study to be based on a 100-minute hour will receive half the recommended CPE credits for successful completion of this course.

Since Continuing Professional Education requirements vary from state to state and are subject to change without notice, please contact your state board of accountancy for information on your CPE requirements and the applicability of this course to meet those specifications.

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