Recorded October 15, 2009

90 minutes

FASB Fun: Fair Value Accounting and the Future

“Like a horror flick monster that just won’t stay dead, FASB’s accountants are proposing to expand the application of mark-to-market accounting rules across the board to include all financial assets, including regular loans,” Brian Wesbury, chief economist, First Trust Advisors LP, August 14, 2009

Statement made the day after FASB’s decision to consider expanding the rules for mark-to-market accounting.

Agenda | Get log-in | Speakers | Who will benefit | Accreditation

Background

The Financial Accounting Standards Board’s long-term objective is to expand the use of fair value measurement for accounting for financial instruments.  A recently released exposure draft points toward an expansion of required fair value and increased disclosure requirements.

The current credit environment has made the debate surrounding fair value determination more urgent for those creating and using financial statements.  For financial institutions suffering enormous losses and continually deteriorating value in their loan portfolio, marking assets to the unstable and potentially unreliable market price could be misleading and result in significant paper losses.  At the same time, there is little consensus or practical experience valuing the equally important liability side of the bank balance sheet, particularly non-DDA core deposits.

Join us for a conversation with accounting and financial experts as they offer their perspective on fair value accounting.

Agenda

Current State of Fair Value Accounting (Grant Thornton)

Financial Implementation (McGuire Performance Solutions)

Future State of Fair Value Accounting (Grant Thornton)

Learning Objectives

Speakers

Susan K. Cullen, CPA, Audit Partner, Financial Institutions, Grant Thornton

Susan has been an integral part of Grant Thornton’s Financial Institutions practice for the last 15 years, both as an expert in the auditing process as well as advising clients in capital market transactions. Specifically, she has advised in over thirty public offerings, reorganizations, and merger and acquisition transactions. Susan has sought to transfer her extensive experience to others through active leadership in national office training.  Susan has experience serving a wide range of financial institutions clients including banks/thrifts, credit unions and specialty finance companies. Susan holds a BS in accounting from the University of Dayton.

Dr. William McGuire, President and CEO, McGuire Performance Solutions

Bill founded MPS in 1995 bringing over 20 years of industry experience to assessing IRR and enhancing balance sheet performance. He provides strategic direction, product development and technical expertise to the firm. As a former senior vice president with ALM model vendor Sendero Corporation, he headed their client services group. While a vice president at the Federal Home Loan Bank of Cincinnati, Bill managed an IRR and CRA reports service bureau and was a lead member of the team that designed Thrift Bulletin 13 (TB-13), the path breaking thrift IRR regulation. He also has 10 years university teaching experience. Bill is a frequent speaker at industry forums and has published extensively.

Nathan Stovall (moderator), Senior Industry Editor, FIG, SNL Financial

CFA Institute

1.5 Hours of Continuing Education Credit

SNL Center for Financial Education is registered with CFA Institute as an Approved Provider of professional development programs. This program is eligible for 1.5 CE credit hours as granted by CFA Institute. If you are a CFA Institute member, CE credit for your participation in this program will be automatically recorded in your CE Diary.

Who will benefit

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