Is Fair Value Truly a Profession, Audit Deficiencies

Session Date: 
Nov 13, 2017 - 2:40pm3:55pm

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Fair value measurement in financial reporting is a controversial topic. Investors indicate that they prefer the information that fair value conveys when making an investment decision. Some preparers, particularly certain private companies wonder if fair value is worth the cost and complexity for their needs. Fair value measurement requires certain judgment by valuation specialists in which also present unique challenges to preparers and auditors. This interactive discussion will provide the audience on the current status of best practices in fair value measurement for financial reporting, including the new fair value credential and Mandatory Performance Framework . Mark will also discuss regulator’s viewpoints on measuring fair value and other audit concerns, including results from Survey of Fair Value Measurement Audit Deficiencies.

  • Understand the concerns of regulators as to fair value measurements which resulted in the new CEIV credential and the development of the Mandatory Performance Framework
  • Learn about the reorganization of the IVSC and changes in international valuation standards and how this will enhance the profession
  • Keep current of the recent changes in accounting standards for fair value measurements
  • Understand the latest results of the PCAOBs findings as to audit deficiencies related to fair value measurements

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