FAS 141(R) and FAS 160
Overview:
Starting December 15, 2008, FASB Statements No. 141 (Business Combinations), and No. 160 (Non-controlling Interests in Consolidated Financial Statement) will take into effect. These statements are designed to implement new methods that will affect financial reporting and accounting concepts of business combinations. As a result, transactions using financial statements under 141 (R) will be more significant, parallel, and complete. On the other hand, Statement 160 will regard as equity transactions those entered between an entity and non-controlling interests. Companies should have a comprehensive understanding of these statements as they launch new concepts that might affect significant transactions.The Knowledge Congress is producing a two-hour teleconference that will discuss the complexities and significant concepts embodied in these statements. The event will feature speakers who are regarded as experts in the field of accounting and finance, including experts from the government.
Agenda:
SEGMENT 1:
<strong id="ep-name-of-speaker">Mr. John Formica, National Professional Services Group Partner,</strong>
<em id="ep-speaker-firm">PricewaterhouseCoopers</em>
- Overview
> How We Got Here
> Status of Business Combination Project
> Key Points of New Accounting
> Deal Process Considerations
- Key Provisions and Implications
SEGMENT 2:
<strong id="ep-name-of-speaker">Mr. Stamos Nicholas, Principal and National Business Valuation Leader,</strong>
<em id="ep-speaker-firm">Deloitte Financial Advisory Services LLP</em>
- Measurement date for securities issued
- Contingent consideration (e.g. earn-out)
- Acquisition costs
- Acquisition of < 100%
- Pre-acquisition contingences
- Selling and exiting costs
- In-process R&D
- Negative goodwill
SEGMENT 3:
<strong id="ep-name-of-speaker">Mr. Dan Gary, Partner,</strong>
<em id="ep-speaker-firm">KPMG</em>
- “Earnouts & contingent consideration” Discussion would focus on the new requirement to record
all future purchase price at the acquisition date with subsequent changes therein charged
to earnings.
- “Contingencies” Discussion would focus on the new requirement to fair value and record
contingent liabilities that have a less likely chance of materializing (lower than the prior threshold
of “probable”).
- “Accounts receivable” Discussion would focus on the new requirement to fair value each balance
and disallowance of using a general reserve account for collection risk.
- “Measurement period adjustments” Discussion would focus on the level of effort required to recast
prior filings each time purchase accounting is revised during the permitted period of up to one year.
Who Should Attend:
- CFO's
- Controllers
- Directors of Corporate Development
- M&A Specialists and others involved in the development of their company's M&A strategy
- CPAs
- Senior Financial Professionals
- Business Valuation Specialists
John R. Formica, Jr., is an Assurance Partner for PricewaterhouseCoopers LLP, specializing in the Consumer and Industrial Products & Services …
Mr. Nicholas is a principal in the Valuation Services practice of Deloitte Financial Advisory Services LLP. He is the national …
Experience: – Dan has nearly 15 years of experience with accounting for valuation events such as acquisitions, joint ventures and …
Course Level:
Intermediate
Advance Preparation:
Print and review course materials
Method of Presentation:
On-demand Webcast (CLE)
Prerequisite:
NONE
Course Code:
88980
Total Credits:
2.0 CLE
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SPEAKERS' FIRMS:
About PricewaterhouseCoopers
Website: https://www.pwc.com/
About Deloitte Financial Advisory Services LLP
Website: https://www.deloitte.com/
About KPMG
Website: https://www.kpmg.com/