This session is a follow-up to ...The Financial Accounting Standards Board and the International Accounting Standards Board are working towards convergence in the definition and use of fair value in the reporting of financial instruments including insurance contracts. Other sessions will focus on how fair value calculations must be undertaken. In this session, expert speakers will provide an explanation of when fair value should be computed.

Panelists will explore:
• An overview of relevant existing pronouncements including FAS 159: The Fair Value Option for Financial Assets and Financial Liabilities and the IASB Discussion Paper (DP) on Accounting for Insurance Contract Liabilities.
• When is fair value accounting required?
• When is fair value accounting optional?
• When would it be advantageous for a company to elect the fair value option

At the conclusion of this session, attendees will have a better understanding of common practices and techniques in fair value calculation and analysis.