Fair Value Measurements and Reporting Conference

Transcription

1 Fair Value Measurements and Reporting Conference June 6-8, 2012 Gaylord National National Harbor, MD Pre-Conference Value-Added Workshop Wednesday, June 6 th Early Bird Registration Save $ 75 by 4/22/12 Leading experts help sort out the complexities of today s fair value accounting, and offer practical material to apply. Hear Keynote Speakers Bay Buchanan, Political Commentator & Former U.S. Treasurer Jay D. Hanson, Public Company Accounting Oversight Board Hotel cutoff date: 5/7/2012 FVS Section/ABV Credential Holders Save an additional $100 Learn more or register cpa2biz.com/conferences Learn more or register cpa2biz.com

2 A full roster of expert speakers offer their viewpoints on the many challenges and fundamental issues regarding the consistency of today s fair value accounting. With today s economic climate still unsettled, determining a consistent way to measure the fair value of businesses, individual assets and liabilities remain challenging in every way. Because best practices are continually changing, CEOs, CFOs, controllers, auditors, and valuation professionals have never been under more pressure to get it right. In an intensive three-day learning experience, the 2012 AICPA Fair Value Measurements and Reporting Conference will not only provide you with a thorough overview of best practices and current issues, but also equip you with state-of-the art technical training to help broaden your knowledge and reshape your approach to fair value measurement principles. You ll come away with a comprehensive understanding of the critical issues, new standards and guidelines, and other risk factors that affect fair value measurements and reporting. Broad Range of Experts. Different Perspectives. Hands-On Training. In this concentrated, highly interactive three-day event, renowned industry leaders will guide you through best practices, real-world case studies, and an Ask the Experts panel discussion. Share ideas, get different points of view, and soak up the latest information as you learn new skills. Hot Topics Goodwill Impairments New Standards Latest in Practical Application of the Impairment Qualitative Assessments Legal Issues Related to Fair Value Fair Value and Investment Companies PCAOB Views SEC/FASB Update Who Should Attend CEOs, CFOs, controllers, and other senior executives of business and industry; preparers of financial statements, auditors, and valuation specialists. Benefit from a Value-Added Session! The Income Producing Properties and Fair Value pre-conference workshop dives deep into this emerging trend. Take advantage and earn extra CPE credits, too. Pre-Conference Wednesday, June 6 / value-added Workshop (additional fee) 8:00 am - 6:00 pm Registration & Message Center Open 8:30 am - 11:40 am Pre-Conference Workshop 101 Income Producing Properties and Fair Value A, AU Mike Beck, CPA, Principal, Reznick Group, P.C., Atlanta, GA Brian Johnson, B.S., CRE, MAI, Managing Director, KPMG LLP, New York, NY This workshop will address unique issues faced by auditors and valuation specialists when they address fair value measurements of income producing properties. Focus will be on differences in situations where the fair value measurements are made in connection with impairment under ASC 360, and those made in connection with business combinations under ASC 805. It will cover documentation of key elements related to testing fair value measurements, such as consideration of valuation methods, as well as key inputs and assumptions, and how to determine whether market participant data has been properly reflected in the fair value measurement. Sources of information will be discussed with examples provided. In addition, the presenters will discuss upcoming changes to accounting regulations related to disclosure around reporting of fair value. Participants will learn what auditors and valuation specialists look for when testing fair value measurements, regardless of whether they are internally prepared by management or externally prepared by valuation specialists, typical sources used by appraisers to gather information, and common formats used to present data. 2 Register by 4/22/12 SAVE $75!

3 Conference Agenda FIELDS OF STUDY A-Accounting AU-Auditing BL-Business Law SKA-Specialized Knowledge & Applications Topics and speakers are subject to change Main Conference Wednesday, June 6 / Day One 1:00 pm - 1:10 pm Welcome Remarks & Introductions 1:10 pm - 2:00 pm KeynoteSession 1 The Issues Politicians Are Afraid to Talk About SKA Bay Buchanan, Political Commentator & Former U.S. Treasurer, Washington, DC Angela Bay Buchanan began her political career as the national treasurer of Ronald Reagan s presidential campaigns in 1980 and This position catapulted her into a distinguished career beginning in 1981 when President Reagan appointed her to be Treasurer of the United States. Currently, Buchanan is a political analyst often seen on CBS s Morning Show, as well as on CNN, MSNBC, and Fox News. Providing the savvy analysis of a campaign insider, political commentator Bay Buchanan who has provided fascinating insights into TARP and other recent expansions and contractions of government power points her critical political eye at the controversial topics that politicians are simply too scared to talk about. With her trademark candor and the wisdom of a seasoned campaign strategist, she offers a stimulating look at what s to come in the 2012 election season. 2:05 pm - 3:05 pm General Session 2 SEC/FASB Update A Speaker To Be Determined, U.S. Securities and Exchange Commission, Washington, DC Ben Couch, MBA, ASA, FASB Practice Fellow, Financial Accounting Standards Board, Norwalk, CT This session will update you on current fair value issues seen in the accounting industry. Gain the perspective of both the SEC and FASB on how they interpret fair value today. 3:10 pm - 4:25 pm General Session 3 Legal Issues Related to Fair Value BL Peter Anderson, J.D., Partner, Sutherland Asbill & Brennan LLP, Atlanta, GA Deb Heilizer, J.D., Partner, Sutherland Asbill & Brennan LLP, Washington, DC Fair value reporting continues to be a controversial and closely watched issue for private litigants, potential defendants and securities regulators. Much of the debate and interest will focus on models used to estimate fair value and the disclosures that can, and should, be made regarding their use. This session will review the legal and regulatory implications of fair value reporting requirements, and the issues that need to be addressed when evaluating models, their methodologies and assumptions, and disclosure requirements. Questions considered will include: Who sets the standard for which methodologies are used and assumptions employed, and what are the inherent biases in each? What constitutes adequate and timely disclosure about fair value models employed without putting a client at a competitive disadvantage? What documentation is necessary to support the reliability of the inputs and outputs of the model? Are the full and fair disclosure requirements satisfied if underlying assumptions are changed but the methodologies remain the same? Is there a false comfort in merely reporting that the underlying assumptions used in fair value models were applied regularly and consistently? 4:25 pm - 4:45 pm Refreshment Break & Vendor Display 4:45 pm - 6:00 pm Concurrent Sessions Select One Concurrent Session 4 Financial Instruments A Daniel Kahn, Ph.D., Principal, Ernst & Young, LLP, Washington, DC Michael Kraehnke, CPA, Partner, KPMG, LLP, New York, NY This session will provide updates on the FASB and IASB Financial Instruments project as well as recent disclosure requirements and common valuation issues. Learn more or register cpa2biz.com

4 Conference Agenda 4:45 pm - 6:00 pm 5 Cheap Stock: How Is the Latest Guide Different from the Select One Working Draft? A, AU Concurrent Bernard Pump, B.S., MA, CPA, CMA, CBA, ABV, CDBV, CIRA, Partner, Session Deloitte Financial Advisory Services LLP, Chicago, IL (continued) Chad Kokenge, CPA, Partner, PricewaterhouseCoopers LLP, Florham, NJ Amanda Miller, Ph.D., Executive Director, Ernst & Young LLP, Palo Alto, CA The presenters, who serve on the AICPA Cheap Stock Task Force, will talk about revisions made in response to feedback received on the working draft of the guide, which was issued in March Key changes include: Addition of a new chapter which discusses secondary market transactions and their relevance as an indication of the fair value of the securities within the enterprise Revisions to more clearly explain the differences between estimating the fair value of an enterprise on a controlling basis vs. estimating the value of the enterprise based on the cash flows under current ownership as an input to estimating the fair value of the securities within the enterprise A new Q&A section to address some of the most common points of confusion 6:00 pm - 7:00 pm Networking Reception Main Conference Thursday, June 7 / Day Two 7:00 am - 5:00 pm Registration & Message Center Open 7:00 am - 8:00 am Continental Breakfast & Vendor Display 8:00 am - 8:10 am Announcements & Introductions 8:10 am - 9:10 am Keynote Session 6 PCAOB Inspection Findings and Potential Standard Setting Activities AU Jay D. Hanson, CPA, Board Member, Public Company Accounting Oversight Board, Washington, DC Jay was appointed to be a member of the Public Company Accounting Oversight Board by the Securities and Exchange Commission in January Prior to joining the Board, Mr. Hanson spent nearly 32 years at McGladrey & Pullen, LLP, working with a variety of clients ranging from small nonprofit organizations to large multinational public companies. At the time of his departure, he was the National Director of Accounting, overseeing the firm s accounting guidance and training practices, as well as leader of the firm s Accounting Standards group. Fair value measurements present substantial challenges for preparers of financial statements, users of financial statements and auditors. The PCAOB has conducted over 1800 inspections of audit engagements since its founding in 2003, and found many instances of auditors not properly auditing work on management s fair value determinations. PCAOB inspectors have observed that auditors did not obtain a sufficient understanding of the valuation methods or assumptions used by management, or by external valuation services utilized by management; they did not test, or test sufficiently, the operating effectiveness of internal controls over various aspects of issuers valuation processes to support the degree of reliance placed by firms on those controls; and other significant findings. Because this is such a challenging area, the PCAOB convened a Pricing Service Task Force in 2011 to assist the Board s Office of the Chief Auditor to gain insight into issues related to auditing the fair value of financial instruments. This group of investors, financial statement preparers, auditors and representatives of pricing services and brokers met to discuss the valuation of financial instruments not actively traded, and the use of third-party pricing sources to value such instruments. This session will discuss the findings and activities, and also address a number of other significant Board projects. 9:15 am - 10:30 am General Session 7 Issues Related to Business Combinations Part I A, AU Kristofer Anderson, ASA, Principal, Ernst & Young LLP, Houston, TX Mike Morrissey, CPA, Partner, Deloitte & Touche LLP, Wilton, CT This session will discuss the valuation, accounting and auditing issues surrounding the hot topics of customer based intangible assets, useful life, defensive assets, and reacquired rights in business combinations. 10:30 am - 10:50 am Refreshment Break & Vendor Display 4 Register by 4/22/12 SAVE $75!

5 10:50 am - 12:05 pm Concurrent Sessions Select One 8 Valuation of Liabilities, Including Contingent Considerations A Concurrent David Dufendach, CPA/ABV, ASA, Partner, Advisory Services, Grant Thornton, LLP, Session Seattle, WA Andreas Ohl, CPA, MBA, Partner, PricewaterhouseCoopers LLP, New York, NY Liabilities are increasingly subject to fair value measurement under both U.S. GAAP and IFRS. This session will provide a background on the common methods employed to value liabilities, the challenges frequently encountered, and provide a contrast with historical practice with respect to asset valuation. 9 Valuations in Investment Companies A, AU Mark Edwards, ABV, CFA, Partner, Valuation Services, Grant Thornton, LLP, Charlotte, NC Brent Solomon, MSF, CPA/ABV, CVA, CM&AA, Principal, Reznick Group, P.C., Bethesda, MD This session will focus on the issues faced by auditors and preparers of fair value measurements for investment companies (venture capital, capital private equity, or hedge funds). It will include guidance available, practice trends and potential pitfalls. 12:05 pm - 1:05 pm Lunch 1:05 pm - 2:20 pm General Session 10 Best Practices Under New Goodwill Impairment Guidance A, AU Kevin Catalano, CPA, FASB Practice Fellow, Financial Accounting Standards Board, Norwalk, CT Mike Morrissey, CPA, Partner, Deloitte & Touche LLP, Wilton, CT BJ Orzechowski, CPA, ABV, Partner, KPMG LLP, Philadelphia, PA The panel will cover Accounting Standards Update (ASU) and its impact on ASC Topic 350, Intangibles Goodwill and Other. Accounting and valuation professionals will explain the history behind this ASU, including the theoretical changes stemming from ASU and implementation trends observed since its issuance. 2:25 pm - 3:40 pm General Session 11 ASC 350 and ASC 360: Finite & Indefinite Lived Assets A, AU Larry Dodyk, CPA, Partner, PricewaterhouseCoopers LLP, Florham Park, NJ Mark Edwards, ABV, CFA, Partner, Valuation Services, Grant Thornton, LLP, Charlotte, NC This session will help you better understand the impairment rules for finite and indefinite lived assets, and differentiate between recoverability tests and fair value measurements. 3:40 pm - 4:00 pm Refreshment Break & Vendor Display 4:00 pm - 5:00 pm General Session 12 Ask the Experts A, AU Moderator: Susan Saidens, CPA, ABV, CVA, CFE, CFF, ASA, Principal, SMS Valuation & Financial Forensics, Malvern, PA Panel: Kristofer Anderson, ASA, Principal, Ernst & Young, LLP, Houston, TX Michael Kraehnke, CPA, Partner, KPMG, LLP, New York, NY Brent Solomon, MSF, CPA/ABV, CVA, CM&AA, Principal, Reznick Group, P.C., Bethesda, MD Feeling like you don t have anywhere to turn to ask questions about fair value? Look no further! Our team of experts is here to answer your every question. Measuring intangibles? No problem. Measuring a contingency? No problem. Impairment questions? No problem. Bring your fair value questions to this session and leave with answers you can rely on. Gaylord National With a soaring 18-story glass covered atrium offering stunning views of the Potomac River, this renowned meeting venue is rich in amenities, with fine dining, shopping, pool, spa and salon. This exceptional hotel offers everything you want to network with friends and colleagues. Learn more or register cpa2biz.com

6 Conference Agenda Main Conference Friday, June 8 / Day Three 7:00 am - 12:30 pm Registration & Message Center Open 7:00 am - 8:00 am Continental Breakfast & Vendor Display 8:00 am - 8:10 am Announcements & Introductions 8:10 am - 9:25 am General Session 13 Auditing Issues of Fair Value AU Dan Murdock, CPA, CIA, Partner, Deloitte & Touche, LLP, New York, NY BJ Orzechowski, CPA, ABV, Partner, KPMG LLP, Philadelphia, PA In the financial reporting world, audit and valuation professionals work together closely, whether they work for the same or different firms. This session will represent auditors and valuation professionals perspectives, and discuss real-world examples to help participants understand the reasons why certain things are done certain ways. As practice continues to evolve leading up to the conference, the presenters will touch on timely hot topics. 9:25 am - 9:45 am Refreshment Break & Vendor Display 9:45 am - 11:00 am General Session 14 Recent Activities of the Appraisal Foundation and the Latest on the AICPA IPR&D Guide A, SKA Tony Aaron, CFA, ASA, Valuation Principal, Ernst & Young LLP, McLean, VA Manish Choudhary, CFA, ASA, Principal, Deloitte Financial Advisory Services LLP, New York, NY P.J. Patel, CFA, Managing Director, Valuation Research Corporation, New York, NY The panel will discuss current activities of the Appraisal Foundation in preparing its Best Practices for Valuations in Financial Reporting monograph series, and the AICPA Task Force efforts regarding the updated IPR&D practice aid. 11:05 am - 12:20 pm General Session 15 Issues Related to Business Combinations Part II A, AU Dan Gary, CPA, CIRA, Partner, KPMG, LLP, Chicago, IL Mark Zyla, CPA/ABV/CFF, CFA, ASA, Managing Director, Acuitas, Inc., Atlanta, GA This session will discuss the valuation, accounting and auditing issues surrounding the hot topics of PP&E, bargain purchases, favorable and unfavorable contracts, and deferred revenue in business combinations. 12:20 pm Conference Adjourns Steering Committee Chair Members Mark Zyla, Managing Director, Acuitas, Inc., Atlanta, GA Kristofer Anderson, Principal, Ernst & Young, LLP, Houston, TX Larry Dodyk, Partner, PricewaterhouseCoopers LLP, Florham Park, NJ Mark Edwards, Partner, Grant Thornton, LLP, Charlotte, NC Mike Morrissey, Partner, Deloitte & Touche LLP, Wilton, CT BJ Orzechowski, Partner, KPMG LLP, Philadelphia, PA Susan Saidens, Principal, SMS Valuation & Financial Forensics, Malvern, PA Brent Solomon, Principal, Reznick Group, P.C., Bethesda, MD AICPA Staff Lisa Gebler, Project Manager, Durham, NC Kathleen Horton, Conference Manager, Durham, NC Yelena Mishkevich, Technical Manager, New York, NY Eddy Parker, Technical Manager, BVFLS, Durham, NC 6 Register by 4/22/12 SAVE $75!

7 4 Ways to Register Fast ONLINE*: PHONE*: or FAX*: or MAIL: Complete and mail the form along with your promotion code to: AICPA Member Service Center, Conferences, 220 Leigh Farm Road, Durham, NC *Credit card registration only (AICPA VISA **, American Express, Diners Club, Discover, MasterCard or VISA ) **If you use an AICPA credit card, you can earn 5 points per dollar spent on AICPA Conference purchases. To learn more or apply, visit RECOMMENDED CPE CREDIT 17 (main), 3.5 (optional) This conference was prepared in accordance with the Joint AICPA/NASBA Statement on Standards for Continuing Professional Education (CPE) Programs effective on January 1, The recommended CPE Credits are in accordance with these standards; however, your individual state board is the final authority on the acceptance of programs for CPE credit. CONFERENCE FEE Registration fees are determined by current membership status in the AICPA. Please indicate member number on the registration form to obtain the correct discount. Conference fee includes all sessions, conference materials, continental breakfasts, refreshment breaks, luncheons and a reception. Fee for the value-added workshop includes all session materials and refreshment breaks. GROUP REGISTRATION Registration for 2 or more individuals at the same time may qualify for group discounts; additional savings may be available for groups of 10 or more. For more information please call the AICPA Service Center at (9AM-6PM ET). Program Code: FVMCONF12 dress code Business Casual CANCELLATION POLICY You may cancel without penalty if written cancellation requests are received by April 22, Due to financial obligations incurred by the AICPA, a credit voucher less 50% of the registration fee will be issued for written requests received by May 16, No refunds or credits will be issued on cancellation requests received on or after May 17, For further information, call the AICPA Service Center at HOTEL AND GROUND TRANSPORTATION INFORMATION Contact the hotel directly to obtain their policy on reservations, deposits and cancellations. Rooms will be assigned on a space-available basis only. To receive our special group rates mention that you will be attending the AICPA Fair Value Measurements and Reporting Conference. Gaylord National Hotel Phone: Waterfront Street Hotel Reservations: National Harbor, MD Hotel Room Rate: $225 single/double + $15 resort fee Hotel Reservation Cutoff Date: May 7, 2012 Ground Transportation to and from the hotel and Reagan National airport (rates and times are approx.) Taxi Service: $22-25 each way, 15 minutes Hotel Parking: self-parking $21/day; valet $30/day AIRLINE INFORMATION The AICPA has a special arrangement with Maupin Travel, Inc. of North Carolina to assist with your travel arrangements. This travel agency may be reached at If you prefer to make your own travel plans, be sure to mention the participating airline s reference number (listed below) to take advantage of deeply discounted Zone Fares that do not require a Saturday night stay-over. Discounts are valid for round trip registered AICPA meetings or conferences only. Some restrictions may apply. American Airlines Index #22047 United Airlines Refer to Meeting ID #531SI Delta Airlines Refer to Meeting ID #NM8QE For up-to-date airline information regarding special travel discounts, please visit cpa2biz.com/conferences. Due to recent airline industry fare restructuring, we cannot guarantee that the above group travel agreements will be in effect at the time when you are making your travel arrangements. Please contact the airline and/or your travel agency for latest applicable discounts and arrangements. CAR RENTAL Hertz Car Rental AICPA Member Discounts: Call Ref. Code CV#021H0019. Airline and car rental discounts are available only when you or your travel agent book through the 800 number. We strongly advise you to confirm your conference registration and hotel reservation prior to making your travel plans. All conference presentation materials will be posted to AICPAConferenceMaterials.com Attendees will have access to download materials in advance of the conference and after the conference concludes. *Be sure to supply a valid address when registering. Instructions to access the speaker materials and website are distributed via approximately two weeks prior to the start of the conference. Also, add service@aicpa.org to your safe sender list. Learn more or register cpa2biz.com

8 AICPA Store/Cpa2Biz 220 Leigh Farm Road Durham, NC To register: Register by 4/22/12 SAVE $75 cpa2biz.com/conferences Prsrt-std U.S. Postage PAID AICPA/CPA2biz Fair Value Measurements and Reporting Conference Membership/registration information AICPA Member? Yes No AICPA Member No. Nickname for Badge B business Telephone Title Address Conference fees Please circle appropriate rate. June las vegas, nv (FVMCONF12) FVS Section/ AICPA Non- ABV Credential Holder Member Member Early Bird Registration $1,075 $1,175 $1,475 SAVE $75 by 4/22/12 Regular Registration $1,150 $1,250 $1,550 Pre-Conference workshop -Wednesday, June 6 8:30 am - 11:40 am (additional fee) $275 $275 $ Income Producing Properties and Fair Value Total $ $ $ Payment information Full payment must accompany registration form. My check for $ payable to AICPA is enclosed. OR Please bill my credit card for $ AICPA VISA * American Express Diners Club Discover MasterCard Visa CARD NO. exp. DATE BILLING NAME SIGNATURE *If you use an AICPA credit card, you can earn 5 points per dollar spent on AICPA Conference purchases. To learn more or apply, visit Please photocopy this form for additional registrants. If the information on your label is incorrect, please complete the following: AICPA Use Only FVMCONF12 Customer No. Promotion Code LAST NAME F first NAME MI Firm name or Affiliation STREET ADDRESS SUITE PO BOX CITY STATE ZIP In accordance with the Americans with Disabilities Act, do you have any special needs/dietary restrictions? Yes No (If yes, you will be contacted.) 12CPA-571 FVMCONF