During a recent BVR Power Panel webinar, Ray Rath (Globalview Advisors) said there is “a lot of activity going on” in the area of fair value for financial reporting. He gave a rundown, including FASB’s efforts on a number of topics that impact fair value, including final guidance on impairments for private companies and not-for-profits, simplifying fair value of equity-class share-based awards, accounting for asset acquisitions, and underwriter restrictions. He also mentioned that PCAOB standards regarding auditing fair value measurements and the use of third-party specialists are becoming effective. The SEC has issued several releases, including a fund valuation framework and issues concerning SPACs. The Appraisal Foundation is working on guidance on company-specific risk, and the AICPA has a few guides in the works, he noted.
Deep dive: Rath, along with Bill Johnston (Empire Valuation Consultants), have put together the 2021 ASA Fair Value Virtual Conference, a full-day event that will be tomorrow, June 10. Nationally recognized speakers (including all the Big Four) will examine a variety of issues and new developments. BVWire attends this event every year, and it is the best of its kind.
Extra: David Crick (Davair Group, Australia) has been elected international president of the ASA. The full results of the ASA’s 2021-22 elections can be seen if you click here.
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