This session covers the application of the accounting standard over fair value, and the audit procedures that can be used to audit fair value. This session will present both the NFP and government perspective (recognizing there are both FASB and GASB accounting principles related to fair value) and focus mostly on how to apply fair value concepts and how to audit items recorded and/or disclosed at fair value. For instance, we’re hoping to weave in NFP, higher education, and governmental examples, challenges, and good practices to try to reach all elements in our expected audience.
Identify the applicable accounting standard over fair value.
Differentiate accounting standards related to fair value accounting in either a FASB or GASB environment.
Apply the appropriate audit procedures to audit fair value.