Fair Value Accounting Fraud New Global Risks and Detection Techniques

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ISBN: 9780470478585 | 0470478586
Cover: Hardcover
Copyright: 8/24/2009

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Fair Value accounting is emerging as the next prime opportunity for financial statement fraud. Explaining the many applications of fair value accounting in connection with accounting for assets, liabilities, revenue, and expenses, as well as fair value disclosures in financial statements, Fair Value Accounting Fraud provides guidance on this emerging issue. The text explains U.S. and IFRS rules on fair value issues, provides auditing and fraud detection guidance, and includes auditing and fraud red flag checklists that can be put to immediate use by accounting managers, auditors, and fraud investigators.

Preface
Acknowledgments
Introduction to Fair Value Accounting Fraud
Overview of Financial Statement Fraud and Fair Value Accounting
Introduction to Financial Reporting Fraud
What Makes It Fraud?
Why Financial Reporting Fraud Is Perpetrated
Using One Fraud to Hide Another
The Use of Fair Value in Financial Statements
Historical Cost versus Fair Value
Sources of Accounting Principles
U.S. GAAP versus IFRS
Fair Value Option Added for U.S. GAAP
Fair Value Defined
International Convergence
Some Principles of Financial Statement Presentation
Effective Dates of Accounting Standards
Impact of Fraud on Financial Statements
Methods of Determining Fair Value
Introduction
Market Approach
Income Approach
Cost Approach
Internal versus Externally-Developed Valuations
Inputs to Valuation Methods
Fair Value Guidance under IFRS
Availability of Market Evidence
Asset-Based Schemes
Investments in Debt and Publicly Traded Equity Securities
Scope of Investments Covered
Sources of U.S. GAAP and IFRS
Classification and Treatment - U.S. GAAP
Classification and Treatment - IFRS
Reclassifications in General
Reclassifications from the Held-to-Maturity Category
Determination of Fair Value
Active versus Inactive Markets
Temporary versus Other-Than-Temporary Impairments - U.S. GAAP
Impairment Losses - IFRS
Summary of Fraud Risks
Ownership Interests in Nonpublic Entities
Sources of U.S. GAAP and IFRS
Introduction
Consolidated Financial Statements
Jointly Controlled Entities versus Jointly Controlled Assets
Equity Method Investments
Proportionate Consolidation
Loans and Receivables
Sources of GAAP and IFRS
Recognition and Measurement - U.S. GAAP
Recognition and Measurement - IFRS
Intangible Assets and Goodwill
Sources of U.S. GAAP and IFRS
Asset versus Expense
Web Site Costs
Measurement
Finite Life Intangible Assets
Residual Value
Indefinite Life Intangible Assets
Impairment Losses
Concluding Remarks
Business Combinations
Sources of U.S. GAAP and IFRS
Business Combination versus Asset Acquisition
Accounting for Business Combinations
Identification of Intangible Assets
Business Combinations Achieved in Stages
Asset Impairments
Sources of U.S. GAAP and IFRS
Definition of an Impairment Loss
When to Test for Impairment
Indicators of Impairment of Assets
Extent of Impairment Loss
Reversal of Previous Impairment Losses
Property and Equipment (Including Investment Properties)
Sources of U.S. GAAP and IFRS
Initial Recognition
Measurement after Initial Recognition
Investment Property
Impairment Losses
Liability-Based Schemes
Debt Obligations
Sources of U.S. GAAP and IFRS
Measurement
Fair Value Option
Valuation of Debt
Deferred Revenue
Sources of U.S. GAAP and IFRS
Recognition - Customer Loyalty Programs
Multiple Deliverable Arrangements
Asset Retirement Obligations
Sources of U.S. GAAP and IFRS
Recognition - U.S. GAAP
Recognition - IFRS
Can a Reliable Estimate Be Determined?
Measuring and Recording an Asset Retirement Obligation
Summary - Comparison of U.S. GAAP and IFRS
Guarantees
Sources of U.S. GAAP and IFRS
Recognition - U.S. GAAP
Measurement
Recognition - IFRS
Other Fair Value Accounting Fraud Issues
Derivatives and Hedging
Sources of U.S. GAAP and IFRS
Definitions and Treatment - U.S. GAAP
Definitions and Treatment - IFRS
Measurement
Embedded Derivatives
Assets or Liabilities of Sponsors of Employee Benefit Plans
Sources of U.S. GAAP and IFRS
Recognition and Measurement - U.S. GAAP
Recognition and Measurement - IFRS
Contingencies and Provisions
Sources of U.S. GAAP and IFRS
Recognition - U.S. GAAP
Amount of Loss to Be Recognized
Recognition - IFRS
Measurement
Comparison of U.S. GAAP and IFRS
Share-Based Transactions
Sources of U.S. GAAP and IFRS
Recognition - U.S. GAAP
Measurement - U.S. GAAP
Recognition - IFRS
Measurement - IFRS
Nonmonetary Transactions
Sources of U.S. GAAP and IFRS
Recognition and Measurement - U.S. GAAP
Recognition and Measurement - IFRS
Advertising Barter Transactions - U.S. GAAP
Advertising Barter Transactions - IFRS
Special Fair Value Issues of Not-for-Profit Organizations
Introduction
Non-Cash Contributions of Assets
Contributed Use of Assets
Promises to Give
Contributed Services
Matching Requirements
Fair Value Disclosure Issues
Introduction
Sources of Disclosure Requirements
Financial Instruments
Impairment Losses
Uncertainties
Detection of Fair Value Accounting Fraud
A Framework for Detecting Fair Value Accounting Fraud
Assessing the Risk of Fraud
Understanding How Fair Value Impacts the Financial Statements
External Factors That Indicate Risk
Internal Risk Factors
Materiality
Internal Controls over Fair Value Accounting
The Risk of Management Override
Framework for Fair Value Accounting Fraud Detection
Auditing Standards
Auditor Independence
Use of Ratios and Other Analytical Procedures
Analytical Procedures as a Fraud Detection Tool
Horizontal Analysis
Vertical Analysis
Operating Ratios
Customized Ratios
Summary Checklist of Fair Value Accounting Fraud Risks
SEC Office of the Chief Accountant and FASB Staff Clarifications on Fair Value Accounting
Outline of Internal Controls
Bibliography
About the Author
Index
Table of Contents provided by Publisher. All Rights Reserved.

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Fair Value Accounting Fraud New Global Risks and Detection Techniques

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