||Fair Value Disclosures|
|Subject Matter Area:
|Date of Publication:
||2012 by Bisk Education, Inc. All rights reserved.|
|Recommended CPE Credits:
||1 QAS/Registry (50-minute hour)|
||One year from date of receipt to complete program and submit quizzer to obtain credit|
|Passing Grade for Quizzer:
||70 percent or higher|
The mission of the Financial Accounting Standards Board (FASB) is to establish and improve standards of financial accounting and reporting that foster financial reporting by nongovernmental entities that provides decision-useful information to investors and other users of financial reports. In supporting this mission, the FASB has moved to measure and disclose items at fair value. This program reviews guidance on fair value disclosures to help clarify any confusion for financial statement preparers.
Note: Reporting of CPE credit to a CPA's state board is the responsibility of the CPA. Subscribers to CPE Network Accounting & Auditing Report may not receive duplicate credit for this material, which previously aired in the November 2011 edition of this program. Use of Materials
The user should begin by watching the streamed video segment, or listening to the streamed audio segment, for the chapter before reading the text. The user may wish to make notes of the most important concepts and any terms that are new. Next, the user should review the learning objectives at the beginning of the chapter and read the chapter. The user should work through each of the examples, if any. After the user has studied each chapter, s/he should click on the link at the left to complete the interactive study questions. If the user answers a study question incorrectly, s/he should review the section of the text that is indicated at the end of the explanation to the study question to assure comprehension of the material. After the user has finished watching the streamed video, or listening to the streamed audio, and has read the text and worked through the study questions, s/he may wish to review her/his notes and any sections of the text or video/audio that were difficult. The user should review the learning objectives once more to consider achievement of the objectives. When the user is ready, s/he should click on the link to the left to complete the quizzer. The user's CPE certificate will be provided immediately upon successful completion of the quizzer.
This program is divided into three (3) chapters.
Chapter 1 contains a discussion with Russ Madray, CPA, reviewing the guidance related to disclosures of fair value measurements.
Chapter 2 contains A Detailed Look at Fair Value Disclosure Requirements, as supplemental material.
Chapter 3 contains review problems that help illustrate the topic. Helpful Guidance
Throughout this program, the user will find explanations and discussions regarding some of the issues that often face practitioners. In order to enhance the user's comprehension of the material and highlight important practical considerations, this program includes the following designation:
A Biskpoint presents analysis or commentary that attempts to explain or clarify authoritative guidance.