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Business Combinations and Goodwill: What is the Latest With Fair Value?

Gain a better understanding of financial statements with the current status of best practices in fair value measurement for financial reporting.

Fair value measurement in financial reporting is a controversial topic. Investors indicate that they prefer the information that fair value conveys when making an investment decision. Some preparers, particularly certain private companies wonder if fair value is worth the cost and complexity for their needs. Fair value measurement requires certain judgment by valuation specialists in which also present unique challenges to preparers and auditors. Business combinations and goodwill will provide preparers of financial statements with the current status of best practices in fair value measurement for financial reporting, particularly with business combinations, including the latest with private company alternative accounting and the fair value quality initiative. The material will also discuss regulators viewpoints on measuring fair value and other audit concerns. Finally the information will discuss the status of credentialing valuation specialists who practice in this area.

Runtime: 92 minutes
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

History of Fair Value Measurements in Financial Reporting

Relevant Accounting Standards

  • ASC 820 Fair Value Measurement
  • ASC 805 Business Combinations
  • ASC 350 Goodwill and Other Intangible Assets
  • ASC 360 Property, Plant and Equipment
  • Private Company Alternatives

Latest "Best Practices" in Fair Value Measurements in Business Combinations

  • AICPA- Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies (PE/VC) Guide.
  • AICPA - Business Combinations ( BizComb)Guide
    • Fair Value of Inventory
  • Fair Value of Contingent Consideration
  • The Remaining Useful Lives of Intangible Assets

Regulators and Fair Value - What Preparers Should Know

  • Security and Exchange Commission Guidance
  • PCAOB Guidance for Auditing Fair Value
  • PCAOB Audit Deficiencies Related to Fair Value Measurements
  • Issues in Auditing Fair Value

Fair Value Quality Initiative

  • History and Development
  • Current Status
  • The Certified in Entity and Intangible Valuation ("CEIV") Credential for Valuation Specialists

Future of Fair Value in Financial Reporting

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on March 27, 2019.

Call 1-866-352-9540 for further credit information.

  • CPIM/CFPIM/CSCP 1.0
     
  • This program may qualify for 1.0 certification maintenance points toward the CSCP, CPIM and CLTD designations through The Association for Operations Management.
     
  • ISM 1.5
     
  • Participants who successfully complete this program will receive 1.5 hours of continuing education. They may be applied toward ISM CPSM, CPSD or C.P.M. recertification. ISM's consent to approve hours for this educational event is not an endorsement of this program or its content by ISM.
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Mark L. Zyla, CPA/ABV, CFA, ASA

Mark L. Zyla, CPA/ABV, CFA, ASA

Zyla Valuation Advisors LLC

  • Managing director of Acuitas Inc in Atlanta, Georgia as an experienced practitioner with fair value measurements
  • Wrote Fair Value Measurement: Practical Guidance and Implementation, 2nd ed, published by John Wiley & Sons, he also co-wrote several portfolios on fair value topics published by BNA Bloomberg; he wrote Fair Value Accounting course published by the AICPA
  • Has served on several professional committees which developed best practices in fair value including the "AICPA’s Accounting and Valuation Guide," "Testing Goodwill for Impairment," and the "Appraisal Foundation’s Contributory Asset Charges" monograph
  • Member of the AICPA’s FVS Executive Committee as well as the Business Valuation Committee of the American Society of Appraisers
  • Conducts a two day workshop twice a year for the AICPA on "Fair Value Measurements"
  • Inducted into the AICPA’s Business Valuation Hall of Fame in 2013
  • Chairman of the Standards Review Board of the International Valuation Standards Council ( IVSC)
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Product ID: 405732
Published 2019
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