Fair Value Accounting and the Appraisal Profession Seminar Promoted by ASFMRA, ASA, and RICS - Sacramento, CA

Over the next five years, U.S. public corporations will move to “Fair Value” accounting under the International Financial Reporting Standards (IFRS). Under the IFRS, these companies will be required to report assets and liabilities at the fair market value as of the date of the report, or “marked to market” value. The objective of Fair Value accounting is to provide investors with greater transparency as to the value and the management of assets and liabilities.

Fair Value accounting promises a significant opportunity for the valuation profession…but that opportunity will come with a series of challenges. This seminar will provide the background on fair value accounting, and then will look at how appraisers might benefit from the shift to international standards for financial reports. At the same time, the seminar will also review the steps that appraisers will need to take in order to be in a position to provide valuation services for financial reporting.

The seminar will include examples of Fair Value accounting and the valuation issues that appraisers will have to deal with, including those that may be unique to agricultural properties. The Fair Value Accounting Seminar is a joint presentation of ASFMRA, ASA and RICS.

Please join us for an exciting NEW education opportunity on Fair Value Accounting and the Appraisal Profession.  It is an important and timely seminar that is being jointly promoted by the ASFMRA, the highly regarded American Society of Appraisers (ASA), and the Royal Institution of Chartered Surveyors (RICS).

Date:
Thursday, April 23, 2009

Time:
7:30 a.m. Registration

8:00 a.m. – 4:00 p.m. Fair Value Accounting and the Appraisal Profession Seminar
(Promoted by ASFMRA, RICS and ASA)

4:00 – 5:00 p.m. California Chapter, ASFMRA Board of Directors Meeting
(Open to all)

5:30 – 9:30 p.m. California Classic Barbecue & Scholarship Auction
Heidrick Ag History Center (Buses depart Hilton @ 5:15 p.m.)

Location:
Hilton Arden West Hotel
2200 Harvard Street
Sacramento, CA 95815

Cost:
Seminar Fees: Members $175 / Non-Members $200 (Includes lunch, breaks and materials)
Member rates apply to ASFMRA, ASA, RICS, AI and Friends of the Chapter.

RSVP:
Go to www.calasfmra.com for electronic registration and complete seminar details or mail-in registration form

Instructors:
    • Tony Correia, ARA, MRICS and John W. Ross, RICS Americas Senior Advisor
      (Continuing education credit for the above seminars was still pending with OREA at press time.)

Topics to be discussed:

Fair Value Accounting in context
    • International experience (International Accounting Standards Board, International Valuation Standards Committee)
    • Economic context: management of assets – production, investment and disposition: a whole-company overview.
    • U.S. perspective: FASB, GASB, TAF, SEC, PCAOB, etc., and where appraisers fit in.
    • Business valuation as the driver.
    • Business opportunity for appraisers.

Current status of Fair Value Accounting
    • Implementation schedule
    • Current requirements (e.g., Impairment of assets, Financial instruments, pension funds, etc.)
    • The current controversy: FAS 157 and marking financial instruments to market

Fair Value Accounting in practice
    • Applications for international companies, in agriculture and for pension funds.

Looking ahead
    • Potential new issues with FVA.

*In conjunction with the 2009 Spring Ag Outlook Conference