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Prepare yourself and your staff for implementing FASB Statement No. 157 on fair value accounting!
In September of 2006, the FASB issued SFAS No. 157, “Fair Value Measurements.” This standard defines fair value, establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value measurements. The new rule affects over 40 existing accounting standards — including those used to value stock options (FAS 123) and derivatives (FAS 133). And, for calendar year companies, it’s scheduled for implementation beginning the first quarter of 2008. Are you and your staff ready?
Its advocates say that fair-value accounting will assist users of financial statements in obtaining a far clearer picture of the true economic state of a company. Achieving this “clearer picture,” however, is not without its difficulties. Concepts like exit price, highest and best use, in-use and in-exchange valuation premises, principal or most advantageous market, and the perspectives of market participants...; these are just a few of the concepts that must be understood and are introduced by Statement 157.
(CD-ROM of Webcast Originally Presented on September 13, 2007)
Presenters:
Stamos C. Nicholas
Michael W. Tully, CFA
Eric Smith
Moderator:
John Hudson
Stamos C. Nicholas
Principal, Valuation Services
Deloitte Financial Advisory Services LLP
Mr. Nicholas is a principal in the Valuation Services practice of Deloitte Financial Advisory Services LLP. He is the national leader of the Business Valuation practice as well as the national Sports, Media & Entertainment industry leader for Valuation. In addition, he is the co-chair of the organization-wide task force for SFAS 141 (Business Combinations) and SFAS 142 (Goodwill and Intangible Assets). He has more than 25 years of experience in providing valuation and financial valuation consulting services worldwide for the purposes of accounting, tax planning, financing, bankruptcy, litigation, mergers and acquisitions, and investment. Mr. Nicholas has particular experience in the valuation of intellectual property (i.e., patents, proprietary technology, trademarks, trade names, customer intangibles, copyrights, agreements, etc.).
Mr. Nicholas has extensive experience serving national and multinational companies in a wide range of industries spanning several foreign countries, including media and entertainment, banking/financial services, telecommunications, manufacturing, retail and distribution, consumer products, high-tech, pharmaceutical, computer and service industries.
Additionally, Mr. Nicholas has supervised large, complex multidiscipline (real estate, machinery and equipment, and financial) valuation engagements and has performed several transfer pricing studies for multinational corporations.
He has testified as a valuation expert on business enterprises and intellectual property in various courts of law and has extensive experience in dealing with the IRS, SEC and other regulatory and tax authorities worldwide on valuation issues.
Michael W. Tully, CFA
Valuation Fellow
Financial Accounting Standards Board
Mike Tully is a Practice Fellow at the Financial Accounting Standards Board in Norwalk, CT. Prior to starting his Fellowship at the FASB, Mike was a senior manager in Ernst & Young’s Los Angeles office. He has spent approximately 14 years in the valuation industry out of 16 years with Ernst & Young.
Mr. Tully’s areas of expertise are primarily the valuation of common stock, minority and majority business interests, privately held interests, intangible assets (especially customer intangible related), accounts receivable assets, derivatives and share based payments (such as employee stock options and restricted stock).
Mr. Tully's experience also includes the valuation of intangible assets in conjunction with purchase price allocations and impairment testing for U.S. GAAP purposes. Other related areas of specialization include, financial analysis of a company's historical operating and future estimated performance, computer-based financial modeling, and competitor trends. Furthermore, industry specialties include: (i) aerospace and defense, (ii) engineering and construction, (iii) high technology, (iv) consumer products, (v) health care, and (vi) consumer finance.
Eric Smith
Managing Director
Credit Suisse - Accounting Policy Group
Eric Smith joined Credit Suisse’s Accounting Policy Group in New York in July 2005. He joined CS from the FASB where for nearly two years he acted as an industry fellow on loan to the FASB from Citigroup. During his tenure at the FASB he was project manager for the Board’s hybrid financial instruments project. He was also a project team member on the FASB’s fair value measurement project. He was also involved in issues dealing with the financial services industry and financial instruments generally.
Mr. Smith was a vice president and assistant treasurer at Citigroup in New York from September 1999 through June 2005. At Citigroup he was responsible for global regulatory capital planning and forecasting. He previously worked in Citigroup’s corporate accounting policy department where he was primarily responsible for merger & acquisition accounting.
Eric Smith was an auditor with KPMG LLP from January 1987 until August 1999 and an assurance senior manager in KPMG’s Washington D.C. office form July 1997 until August 1999. He was a financial services industry and financial instruments specialist in KPMG’s Department of Professional Practice in New York from July 1995 until June 1996. Mr. Smith began his career with KPMG in Fort Worth, Texas.
Eric Smith holds a Masters of Public Accounting degree and a Bachelor’s degree in Communications both from the University of Texas-Arlington. He holds a Texas CPA license.
Moderator:
John F. Hudson, CPA
John F. Hudson, CPA is the President of Hudson Consulting Group, LLC. Prior to founding Hudson Consulting Group, LLC in 2002, John was one of the original founders of CPA2Biz, Inc., the exclusive marketing agent of the American Institute of CPAs. John has more than 25 years experience in the practice of public accounting, business strategy, product development and entrepreneurship.
Hudson Consulting Group, LLC, provides business & product strategy consulting services to CPA firms and organizations serving the CPA profession. Previously, John served in a number of senior capacities at CPA2Biz, Inc. including leading corporate strategy, managing a multi-million dollar business unit, and leading the organization's corporate marketing and communications efforts. Prior to CPA2Biz, John served as the Chief Knowledge Officer and in various senior business and technical roles at the AICPA. He also spent 15 years at KPMG, one of the nation's leading accounting and consulting firms.
An authority on the evolution of the accounting profession and the challenges faced by CPAs, John regularly speaks on issues of concern to CPAs. He has been quoted in leading business publications, including The Wall Street Journal, The Wall Street Journal - Europe Edition, The Cleveland Plain Dealer, Bloomberg Business News and virtually every trade publication addressing the CPA profession.
John is a member of the American Institute of CPAs and a former member of the U.S. delegation to the International Accounting Standards Board and the Journal of Accountancy Editorial Advisory Board. He is also a member of the Advisory Board of the Graduate School of Business at Florida State University
John is a Certified Public Accountant [CPA] and holds a Master of Business Administration [MBA] degree from Florida State University and a Bachelor of Arts degree from the University of West Florida.
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