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Home > Accounting & Auditing > Fair Value Disclosures
Knowledge Level
Copyright 2011

Publication Date
November, 2011
Fair Value Disclosures
Introduction Organization Learning Objectives Author Bios
Title: Fair Value Disclosures
Prerequisite: None
Advance Preparation: None
Knowledge Level: Update
Subject Matter Area: Accounting
Date of Publication: November 2011
Copyright © 2012 by Bisk Education, Inc. All rights reserved.
Recommended CPE Credits: 1 QAS/Registry (50-minute hour)
Expiration Date: 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.

Upon successful completion of this program, the user should be able to:

  • Discuss the history of disclosures related to concentrations of credit risks

  • Identify the guidance requiring the fair value disclosures

  • Identify what must be disclosed as recurring and what is non-recurring

  • Explain using the practical expedient on disclosures

  • Define what financial assets and liabilities are

J. Russell Madray, CPA, CIA, CMA, CFM, is president of The Madray Group, which specializes in knowledge transfer. Mr. Madray has more than 20 years of professional experience, including 15 years in public practice. Mr. Madray is the author of numerous publications and articles on accounting and auditing topics.

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