HomeWebcastFASB Exposure Drafts on Financial Statements, Equity/Liabilities Project & Leases
 CLE

FASB Exposure Drafts on Financial Statements, Equity/Liabilities Project & Leases

Live Webcast Date: Thursday, February 17, 2011 from 12:00 pm to 2:00 pm (ET)
Legal (CLE)Recording

Join us for this Knowledge Group Webinar. On May 26, 2010, FASB published an exposure draft of proposed Accounting Standards Update (ASU) aimed at providing a new, comprehensive standard on financial instruments accounting. The exposure draft includes guidance on hedge accounting as well as the classification and measurement of financial assets and liabilities.

When enacted, these new proposals will impact the reporting of financial institutions and other entities that utilize financial instruments. Accounting professionals must be in the know about this new FASB exposure draft, to comply with the greater transparency in financial statements being pursued by FASB.

To explore and explain the new FASB Rules, The Knowledge Group is putting together a panel of experts to help accounting and finance professionals, consultants (including finance executives, regulators, CPAs, legal experts and auditors), attorneys and other related professionals understand the implications of these new proposals. The speakers will share their thoughts in a LIVE two-hour webcast.

Sign up today by clicking the “Register” button below. Advanced registration is recommended as space is limited. Significant discounts apply for early registration.

Agenda

SEGMENT 1:

Bradley J. Homant, Partner,

KPMG LLP

  • Lease Exposure Draft (lessee/lessor) (joint project)
  • Accounting for Financial Instruments Exposure Draft (both from IFRS and US GAAP)
  • New Revenue Recognition standards
  • Other EITF issues

SEGMENT 2:

Travis Webb, Managing Partner,

BKD LLP

  • High level summary of the lease exposure draft
  • Areas of attention – how will the new standard impact business decisions
  • Current updates on the progress of comment letters and standard setters reporting

SEGMENT 3:

Jeanne M. Rickert, Partner,

Jones Day

  • June 2010 FASB proposed major changes to reporting for contingencies.
  • – 2010 proposal was major revision of new standards proposed in 2008; tried to address concerns    identified in 2008 comment letters.
  • – Inherent clash between transparency that financial statement “users” are seeking and the U.S. legal    system.
  • In October FASB said no change for FYE 2010 – Open question what FASB will do next.

SEGMENT 4:

William J. Bosco Jr., Principal,

Leasing 101 and FASB/IASB Working Group

Talking Points Leases Project:

  • Lessee lease cost pattern
  • Definition of lease term and lease payments
  • Symmetry – Lessor vs. lessee accounting
  • Residual accounting
  • Leveraged lease accounting

Who Should Attend

  • CFOs
  • CEOs
  • Controllers
  • Financial directors
  • Investment Bankers
  • Lawyers
  • Accountants

SEGMENT 1:

Bradley J. Homant, Partner,

KPMG LLP

  • Lease Exposure Draft (lessee/lessor) (joint project)
  • Accounting for Financial Instruments Exposure Draft (both from IFRS and US GAAP)
  • New Revenue Recognition standards
  • Other EITF issues

SEGMENT 2:

Travis Webb, Managing Partner,

BKD LLP

  • High level summary of the lease exposure draft
  • Areas of attention – how will the new standard impact business decisions
  • Current updates on the progress of comment letters and standard setters reporting

SEGMENT 3:

Jeanne M. Rickert, Partner,

Jones Day

  • June 2010 FASB proposed major changes to reporting for contingencies.
  • – 2010 proposal was major revision of new standards proposed in 2008; tried to address concerns    identified in 2008 comment letters.
  • – Inherent clash between transparency that financial statement “users” are seeking and the U.S. legal    system.
  • In October FASB said no change for FYE 2010 – Open question what FASB will do next.

SEGMENT 4:

William J. Bosco Jr., Principal,

Leasing 101 and FASB/IASB Working Group

Talking Points Leases Project:

  • Lessee lease cost pattern
  • Definition of lease term and lease payments
  • Symmetry – Lessor vs. lessee accounting
  • Residual accounting
  • Leveraged lease accounting

Bradley J. HomantPartnerKPMG LLP

Brad is a partner in the Department of Professional Practice (DPP) – Audit and Advisory Services in New York where he monitors the activities of the Financial Accounting Standards Board (FASB) and other standard setters, and writes interpretive guidance in KPMG publications for certain FASB and other standard setter projects. He also assists engagement teams with accounting matters relating to leasing, financial instruments, revenue recognition, and compensation, and instructs technical accounting topics for both internal and external audiences.

From 2008 – 2010, Brad was a Practice Fellow at the FASB, where he focused on activities of the EITF, the joint leasing project, and the accounting for financial instruments and hedging activities project. He also provided guidance to FASB constituents in response to technical inquiries on a variety of matters including leasing, compensation, fair value measurements and disclosures, and hedging activities.

Prior to his time at the FASB, Brad was a Senior Manager in DPP where he assisted engagement teams in accounting matters, prepared and instructed national trainings, participated in the development of KPMG firm guidance, and participated on the internal inspections core team. He focused on leasing, revenue recognition, inventory and deferred costs, financial instruments, compensation, income taxes, and IFRS while a Senior Manager in DPP.

Prior to joining DPP, Brad provided audit services to public and private companies within consumer and industrial markets, software, and a variety of other industries. His responsibilities included presentations to audit committees, review of documents filed with the SEC to ensure compliance with applicable rules and regulations, management of annual audit engagements, including coordination of multiple engagement teams, tax and advisory personnel, and clients’ internal audit departments.

Travis WebbManaging PartnerBKD, LLP

Travis brings more than 16 years of experience to BKD and our clients. As managing partner of BKD’s Colorado Springs and Denver offices, he is responsible for the operations and support of more than 100 partners, client service staff and administrative personnel, who serve thousands of business and individual clients. In addition, he serves a client base of commercial, service and distribution entities and not-for-profit and governmental organizations.

He has been a firmwide audit and accounting technical advisor, a Sarbanes-Oxley internal control consultant and a fraud and information technology resource. Travis is an internal instructor who has provided national manager orientation and served on the firm’s Technology Advisory Committee.

Travis serves as 2010 treasurer of the Downtown Denver Partnership and 2010 board chair for Young Americans Center for Financial Education. He also is a member of the Colorado Association of Commerce and Industry, Colorado Society of CPAs 2010 Finance Committee, Denver Active 20/30 Children’s Foundation, Denver Metro Chamber of Commerce, Denver Metro Chamber Leadership Foundation (DMCLF), Downtown Denver Partnership (DDP) finance committee, Downtown Denver, Inc. board and the Young Americans Bank.

Travis also has been an active participant in programs such as DDP’s Urban Exploration (2010) and DMCLF’s Access Denver (2005), Leadership Denver (2009) and LEX (2009). He also is an active supporter of a variety of charitable organizations throughout the community, including Junior Achievement and Tennyson Center for Children.

He is a graduate of Missouri State University, Springfield, with an M.B.A. degree and a B.S. degree in accounting. He serves as the university’s alumni coordinator in Colorado and recently served on the school’s presidential selection committee.

Michael L. DavittPartnerJones Day

Mike Davitt’s practice focuses on counseling and representing companies and their officers and directors in class action litigation involving federal and state securities claims, merger litigation, shareholder derivative actions, corporate governance matters, and SEC investigations. Mike has significant experience defending shareholder “stock drop” cases brought under federal securities fraud and state fiduciary duty laws. He also has represented companies and individuals in formal and informal SEC investigations, including in conjunction with related private shareholder litigation.

Representative clients in public matters include Atlas Energy Resources, Dell, Electronic Data Systems, Merrill Lynch, Michaels Stores, SOURCECORP, and USAA.

Mike is a member of the State Bar of Texas and the Dallas Bar Association. He currently chairs the Dallas Bar Association’s Securities Section and has previously served as the section’s secretary, programs chair, treasurer, and vice chair.

Mike serves as the administrative partner of the Dallas Office.

William J. Bosco Jr.PrincipalLeasing 101 and FASB/IASB Working Group

Bill Bosco is a consultant specializing in the equipment leasing industry. Bill has over 35 years’ experience in the leasing business with CitiCapital, Sumitomo Bank Leasing and as a consultant. His responsibilities included designing, developing and promoting new products, providing advice to solve issues in meeting customer needs in transactions with accounting, tax and structural complexities. Bill also has extensive experience in accounting, pricing and training. He is a frequent speaker and author of articles on leasing issues. Bill has been selected by the FASB/IASB to be a member of the Lease Accounting Project Working Group. Bill has served on the Equipment Leasing and Finance Association (ELFA) Financial Accounting Committee for the last 21 years, 10 of which as the Chairman.


Click Here to Read Additional Material

Course Level:
   Intermediate

Advance Preparation:
   Print and review course materials

Method Of Presentation:
   On-demand Webcast

Prerequisite:
   NONE

Course Code:
   104052

Total Credits:
    2.0 CLE

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About the Knowledge Group

The Knowledge Group

The Knowledge Group has been a leading global provider of Continuing Education (CLE, CPE) for over 13 Years. We produce over 450 LIVE webcasts annually and have a catalog of over 4,000 on-demand courses.

About the Knowledge Group

The Knowledge Group

The Knowledge Group has been a leading global provider of Continuing Education (CLE, CPE) for over 13 Years. We produce over 450 LIVE webcasts annually and have a catalog of over 4,000 on-demand courses.

Brad is a partner in the Department of Professional Practice (DPP) – Audit and Advisory Services in New York where he monitors the activities of the Financial Accounting Standards Board (FASB) and other standard setters, and writes interpretive guidance in KPMG publications for certain FASB and other standard setter projects. He also assists engagement teams with accounting matters relating to leasing, financial instruments, revenue recognition, and compensation, and instructs technical accounting topics for both internal and external audiences.

From 2008 – 2010, Brad was a Practice Fellow at the FASB, where he focused on activities of the EITF, the joint leasing project, and the accounting for financial instruments and hedging activities project. He also provided guidance to FASB constituents in response to technical inquiries on a variety of matters including leasing, compensation, fair value measurements and disclosures, and hedging activities.

Prior to his time at the FASB, Brad was a Senior Manager in DPP where he assisted engagement teams in accounting matters, prepared and instructed national trainings, participated in the development of KPMG firm guidance, and participated on the internal inspections core team. He focused on leasing, revenue recognition, inventory and deferred costs, financial instruments, compensation, income taxes, and IFRS while a Senior Manager in DPP.

Prior to joining DPP, Brad provided audit services to public and private companies within consumer and industrial markets, software, and a variety of other industries. His responsibilities included presentations to audit committees, review of documents filed with the SEC to ensure compliance with applicable rules and regulations, management of annual audit engagements, including coordination of multiple engagement teams, tax and advisory personnel, and clients’ internal audit departments.

Travis brings more than 16 years of experience to BKD and our clients. As managing partner of BKD’s Colorado Springs and Denver offices, he is responsible for the operations and support of more than 100 partners, client service staff and administrative personnel, who serve thousands of business and individual clients. In addition, he serves a client base of commercial, service and distribution entities and not-for-profit and governmental organizations.

He has been a firmwide audit and accounting technical advisor, a Sarbanes-Oxley internal control consultant and a fraud and information technology resource. Travis is an internal instructor who has provided national manager orientation and served on the firm’s Technology Advisory Committee.

Travis serves as 2010 treasurer of the Downtown Denver Partnership and 2010 board chair for Young Americans Center for Financial Education. He also is a member of the Colorado Association of Commerce and Industry, Colorado Society of CPAs 2010 Finance Committee, Denver Active 20/30 Children’s Foundation, Denver Metro Chamber of Commerce, Denver Metro Chamber Leadership Foundation (DMCLF), Downtown Denver Partnership (DDP) finance committee, Downtown Denver, Inc. board and the Young Americans Bank.

Travis also has been an active participant in programs such as DDP’s Urban Exploration (2010) and DMCLF’s Access Denver (2005), Leadership Denver (2009) and LEX (2009). He also is an active supporter of a variety of charitable organizations throughout the community, including Junior Achievement and Tennyson Center for Children.

He is a graduate of Missouri State University, Springfield, with an M.B.A. degree and a B.S. degree in accounting. He serves as the university’s alumni coordinator in Colorado and recently served on the school’s presidential selection committee.

Mike Davitt’s practice focuses on counseling and representing companies and their officers and directors in class action litigation involving federal and state securities claims, merger litigation, shareholder derivative actions, corporate governance matters, and SEC investigations. Mike has significant experience defending shareholder “stock drop” cases brought under federal securities fraud and state fiduciary duty laws. He also has represented companies and individuals in formal and informal SEC investigations, including in conjunction with related private shareholder litigation.

Representative clients in public matters include Atlas Energy Resources, Dell, Electronic Data Systems, Merrill Lynch, Michaels Stores, SOURCECORP, and USAA.

Mike is a member of the State Bar of Texas and the Dallas Bar Association. He currently chairs the Dallas Bar Association’s Securities Section and has previously served as the section’s secretary, programs chair, treasurer, and vice chair.

Mike serves as the administrative partner of the Dallas Office.

Bill Bosco is a consultant specializing in the equipment leasing industry. Bill has over 35 years’ experience in the leasing business with CitiCapital, Sumitomo Bank Leasing and as a consultant. His responsibilities included designing, developing and promoting new products, providing advice to solve issues in meeting customer needs in transactions with accounting, tax and structural complexities. Bill also has extensive experience in accounting, pricing and training. He is a frequent speaker and author of articles on leasing issues. Bill has been selected by the FASB/IASB to be a member of the Lease Accounting Project Working Group. Bill has served on the Equipment Leasing and Finance Association (ELFA) Financial Accounting Committee for the last 21 years, 10 of which as the Chairman.

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