Financial Reporting Track Tursday, June 9
12:55–1:50pm A Single Fair Value (James Catty) Sponsored by the International Association of Consultants, Valuators and Analysts (IACVA). During 2010, FASB and IASB issued an Exposure Draſt on a joint Fair Value standard. A single definition is expected to be issued by the time of the conference. Tis presentation will cover the changes in the two Boards' positions, plus deal with some of the implementation procedures.
2:05–3:45pm Measuring Liabilities at Fair Value (Larry Levine, Brent Sloan) FASB ASU 2009-05, Measuring Liabilities at Fair Value, clarifies how entities should estimate the fair value of liabilities under the FASB ASC 820 (SFAS 157). Under ASC 820, fair value measurement includes an assumption that a liability is exchanged in an orderly transaction between market participants. Most liabilities, however, are not transferred in the marketplace. Terefore, estimating the fair value of the liability requires the use of: (1) a valuation technique that uses either the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities or for similar liabilities when traded as assets; or, (2) another valuation technique that is consistent with fair value principles, such as an income approach or a market approach which computes the amount the entity would pay to transfer an identical liability.
4:00–5:40pm Intangible Asset Valuation and Fair Value Accounting Standards (Robert Reilly) Tis presentation will describe identifiable intangible assets for fair value purposes: identifiable intangible assets recognized under GAAP, identifiable intangible assets not recognized under GAAP, residual intangible assets recognized under GAAP, and phenomena that do not qualify as intangible assets. Te presentation will describe the intangible asset fair value measurement assignment: standard of value—fair value, premise of value—highest and best use analysis, levels I, II, and III of ASC 820-10 valuation evidence, and estimating fair value when there is little (or no) market. Te presentation will also summarize generally accepted intangible asset valuation approaches and methods: cost approach valuation methods, valuation analyst cost approach data gathering and due diligence, market approach valuation methods, valuation analyst market approach data gathering and due diligence, income approach valuation methods, and valuation analyst income approach data gathering and due diligence. Te presentation will also explain the intangible asset value indications reconciliation: valuation synthesis and reconciliation procedures and reaching the final fair value conclusion. In addition the presentation will introduce intangible asset remaining useful life (RUL) analysis: amortizable intangible assets and GAAP, indeterminable life intangible assets and GAAP, effect of RUL on each valuation approach, alternative intangible asset RUL methods and procedures, and reaching the intangible asset RUL conclusion. Finally, this presentation will consider auditing the intangible asset fair value valuation: identification of the subject intangible asset, identification of the subject intangible asset bundle of rights, selection of the valuation approach and method, selection of the valuation variables data, due diligence procedures, replicability of the valuation analysis, and reliability of the value conclusion as fair value evidence.
NACVA—1111 Brickyard Road, Suite 200, Salt Lake City, Utah 84106-5401 • Tel: (800) 677-2009 • Internet:
www.nacva.com
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