Understanding FASB's classification and measurement proposal
Hosted by Ernst & Young LLP Assurance Practice
March 21, 2013 17:00 GMT
March 21, 2013 18:30 GMT
The FASB recently proposed a sweeping new classification and measurement model for financial instruments.
All financial instruments, including debt and equity securities, loans and receivables and liabilities, would be classified and measured under a single model. All entities across industries would be affected by the proposal.
The webcast will provide participants with an overview of FASB’s proposal and the opportunity to question our panel of EY professionals, as they discuss the proposal and its impact.
In this webcast, we will discuss:
- What you need to know about FASB’s current exposure draft, Recognition and Measurement of Financial Assets and Financial Liabilities
- How the cash flow characteristics of financial assets and an entity’s business model for managing the assets will determine its classification and measurement
- How the FASB’s latest model compares with current US GAAP
- Why you should begin now to review the proposal and assess its potential impact on your company
Nice job explaining a complex Exposure Draft. One of the best webcasts on a technical issue that I have viewed.CFO, Asset Management
Watch the one-minute recap:
Ernst & Young LLP
Joseph is a partner in EY’s Professional Practice Group based in New York. In this role Joseph consults on a variety of accounting topics related to financial instruments, transfers and servicing of financial assets, foreign currency matters and others. Joseph also monitors standard-setting activities, produces external and internal publications and develops education courses.
Prior to joining the Professional Practice Group in 2008, Joseph spent 20 years providing audit and advisory services to a variety of financial services companies including major diversified financial institutions, investment banks, broker-dealers, and investment partnerships. Joseph has also assisted some of these companies that have gone through initial public offerings. Throughout his career, Joseph has worked closely with clients to help develop and strengthen internal controls and has consulted on a full range of complex accounting and reporting matters.
Joseph received his Bachelor of Business and Administration in accounting from Baruch College and is a member of the American Institute of CPAs and the New York State Society of CPAs.
Ernst & Young LLP
Dana D’Amelio is a partner in the Financial Accounting Advisory Services (FAAS) practice of Ernst & Young LLP with over 14 years of experience providing accounting advisory and audit services to companies across a variety of industries including financial services, private equity, consumer products, manufacturing, and pharmaceuticals.
Dana currently co-leads the FAAS Derivatives and Financial Instruments solution and is focused on helping companies address the accounting and business implications of the FASB-IASB financial instruments and insurance contracts projects. She also advises companies on the operations, controls, valuation, risk management, regulatory reporting, and technical accounting (US GAAP and IFRS) related to derivatives, hedging activities and financial instruments.
Dana earned her Master of Science in Accountancy and Bachelor of Business Administration from the University of Notre Dame and is a CPA licensed in the State of New York.
Ernst & Young LLP
Robert Wadley is a partner in the National Professional Practice Group of Ernst & Young LLP. Based in New York, Robert provides technical assistance to audit teams and clients on accounting issues, with a particular focus on financial instruments. He currently follows standard setting activities related to the classification and measurement, impairment and risk disclosures components of the FASB's project on financial instruments.
Prior to his current role, Robert worked in EY's Salt Lake City office leading and managing that office's assurance banking practice, which included a mix of regional, community and industrial banks. During this time, he also served as one of the firm's Capital and Liquidity Resources, consulting with engagement teams on accounting and auditing matters related to financial instruments impacted by the economic crisis.
Good mix of facts and discussion.Director, Banking & Capital Markets
Ernst & Young LLP
David Kane is a Partner and Director in the National Professional Practice Group of Ernst & Young LLP based in New York. David advises clients on US GAAP and IFRS accounting and reporting matters with a particular focus on consolidation and financial instruments issues, including derivative instruments, fair value and securitization transactions. Prior to being admitted to EY’s partnership, David completed a twenty-four month appointment as a Professional Accounting Fellow in the Office of the Chief Accountant of United States Securities and Exchange Commission (SEC). In this capacity, David took a lead role in the Office of the Chief Accountant’s development of positions on financial instruments matters.
Did a very good job of explaining the concepts and also giving examples to help understand them in practice.Accountant, Mining