Some assets and liabilities can now be reported at their fair values, which is a significant divergence from the common practice of only reporting historical costs. Fair Value Accounting helps the accountant sort out the situation by defining when fair value measurements should be performed, the parameters for measuring fair value, and how to disclose this information in the financial statements. The course also notes those situations in which fair value is used to evaluate whether assets have been impaired.
Upon successful completion of this course, participants will be able to:
- Identify the primary concepts and rules relating to the derivation of fair value measurements.
- Note the situations in which the fair value option can be used.
- Recognize the situations in which fair values or a modified form of fair values are applied to the valuation of acquired assets and liabilities, as well as the impairment analyses for inventory, fixed assets, and goodwill.
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