{"product_id":"fair-value-accounting-fraud-isbn-9780470478585","title":"Fair Value Accounting Fraud","description":"\u003cb\u003eEssential guidance on the new fair value rules for accounting managers, auditors, and fraud investigators\u003c\/b\u003e  \u003cp\u003eFair Value accounting is emerging as the next prime opportunity for financial statement fraud. Explaining the many complex applications of fair value accounting in the preparation of financial statements, \u003ci\u003eFair Value Accounting Fraud\u003c\/i\u003e offers timely guidance on an up-and-coming issue as U.S. and international accounting rules pertaining to the use of fair value accounting continue to change.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eYou'll find discussion of\u003cbr\u003e \u003c\/b\u003e\u003c\/p\u003e \u003cul\u003e \u003cli\u003eU.S. GAAP and IFRS rules on fair value accounting issues, highlighting the areas most vulnerable to fraud\u003c\/li\u003e \u003cli\u003eExplanations of 75 categories of fair value accounting fraud schemes\u003c\/li\u003e \u003cli\u003eFraud risk checklist that you can put to immediate use\u003c\/li\u003e \u003cli\u003ePractical detection techniques useful for auditors, investigators and others who rely on financial statements\u003c\/li\u003e \u003cli\u003eExpert advice from Gerard Zack, CFE, CPA, author of \u003ci\u003eFraud and Abuse in Nonprofit Organizations: A Guide to Prevention and Detection\u003c\/i\u003e\n\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eComparing US accounting standards to International Financial Reporting Standards-thereby making this book useful worldwide- \u003ci\u003eFair Value Accounting Fraud\u003c\/i\u003e helps you understand the new rules and develop new auditing and investigative techniques to enable you to detect potential fraud.\u003c\/p\u003e  Preface.  \u003cp\u003eAcknowledgments.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART I INTRODUCTION TO FAIR VALUE ACCOUNTING FRAUD.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 1 Overview of Financial Statement Fraud and Fair Value Accounting.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction to Financial Reporting Fraud.\u003c\/p\u003e \u003cp\u003eWhat Makes It Fraud?\u003c\/p\u003e \u003cp\u003eWhy Financial Reporting Fraud Is Perpetrated.\u003c\/p\u003e \u003cp\u003eUsing One Fraud to Hide Another.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 2 The Use of Fair Value in Financial Statements.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHistorical Cost versus Fair Value.\u003c\/p\u003e \u003cp\u003eSources of Accounting Principles.\u003c\/p\u003e \u003cp\u003eU.S. GAAP versus IFRS.\u003c\/p\u003e \u003cp\u003eFair Value Option Added for U.S. GAAP.\u003c\/p\u003e \u003cp\u003eFair Value Defined.\u003c\/p\u003e \u003cp\u003eInternational Convergence.\u003c\/p\u003e \u003cp\u003eSome Principles of Financial Statement Presentation.\u003c\/p\u003e \u003cp\u003eEffective Dates of Accounting Standards.\u003c\/p\u003e \u003cp\u003eImpact of Fraud on Financial Statements.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 3 Methods of Determining Fair Value.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction.\u003c\/p\u003e \u003cp\u003eMarket Approach.\u003c\/p\u003e \u003cp\u003eIncome Approach.\u003c\/p\u003e \u003cp\u003eCost Approach.\u003c\/p\u003e \u003cp\u003eInternal versus Externally Developed Valuations.\u003c\/p\u003e \u003cp\u003eInputs to Valuation Methods.\u003c\/p\u003e \u003cp\u003eFair Value Guidance under IFRS.\u003c\/p\u003e \u003cp\u003eAvailability of Market Evidence.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART II ASSET-BASED SCHEMES.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 4 Investments in Debt and Publicly Traded Equity Securities.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eScope of Investments Covered.\u003c\/p\u003e \u003cp\u003eSources of U.S. GAAP and IFRS.\u003c\/p\u003e \u003cp\u003eClassification and Treatment—U.S. GAAP.\u003c\/p\u003e \u003cp\u003eClassification and Treatment—IFRS.\u003c\/p\u003e \u003cp\u003eReclassifications in General.\u003c\/p\u003e \u003cp\u003eReclassifications from the Held-to-Maturity Category.\u003c\/p\u003e \u003cp\u003eDetermination of Fair Value.\u003c\/p\u003e \u003cp\u003eActive versus Inactive Markets.\u003c\/p\u003e \u003cp\u003eTemporary versus Other-than-Temporary Impairments—U.S. GAAP.\u003c\/p\u003e \u003cp\u003eImpairment Losses—IFRS.\u003c\/p\u003e \u003cp\u003eSummary of Fraud Risks.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 5 Ownership Interests in Nonpublic Entities.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSources of U.S. GAAP and IFRS.\u003c\/p\u003e \u003cp\u003eIntroduction.\u003c\/p\u003e \u003cp\u003eConsolidated Financial Statements.\u003c\/p\u003e \u003cp\u003eJointly Controlled Entities versus Jointly Controlled Assets.\u003c\/p\u003e \u003cp\u003eEquity Method Investments.\u003c\/p\u003e \u003cp\u003eProportionate Consolidation.\u003c\/p\u003e \u003cp\u003eFair Value Option.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 6 Loans and Receivables.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSources of U.S. GAAP and IFRS.\u003c\/p\u003e \u003cp\u003eRecognition and Measurement—U.S. GAAP.\u003c\/p\u003e \u003cp\u003eRecognition and Measurement—IFRS.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 7 Intangible Assets and Goodwill.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSources of U.S. GAAP and IFRS.\u003c\/p\u003e \u003cp\u003eAsset versus Expense.\u003c\/p\u003e \u003cp\u003eWeb Site Costs.\u003c\/p\u003e \u003cp\u003eMeasurement.\u003c\/p\u003e \u003cp\u003eFinite Life Intangible Assets.\u003c\/p\u003e \u003cp\u003eResidual Value.\u003c\/p\u003e \u003cp\u003eIndefinite Life Intangible Assets.\u003c\/p\u003e \u003cp\u003eImpairment Losses.\u003c\/p\u003e \u003cp\u003eConcluding Remarks.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 8 Business Combinations.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSources of U.S. GAAP and IFRS.\u003c\/p\u003e \u003cp\u003eBusiness Combination versus Asset Acquisition.\u003c\/p\u003e \u003cp\u003eAccounting for Business Combinations.\u003c\/p\u003e \u003cp\u003eIdentification of Intangible Assets.\u003c\/p\u003e \u003cp\u003eBusiness Combinations Achieved in Stages.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 9 Asset Impairments.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSources of U.S. GAAP and IFRS.\u003c\/p\u003e \u003cp\u003eDefinition of an Impairment Loss.\u003c\/p\u003e \u003cp\u003eWhen to Test for Impairment.\u003c\/p\u003e \u003cp\u003eIndicators of Impairment of Assets.\u003c\/p\u003e \u003cp\u003eExtent of Impairment Loss.\u003c\/p\u003e \u003cp\u003eReversal of Previous Impairment Losses.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 10 Property and Equipment (Including Investment Properties).\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSources of U.S. GAAP and IFRS.\u003c\/p\u003e \u003cp\u003eInitial Recognition.\u003c\/p\u003e \u003cp\u003eMeasurement after Initial Recognition.\u003c\/p\u003e \u003cp\u003eInvestment Property.\u003c\/p\u003e \u003cp\u003eImpairment Losses.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART III LIABILITY-BASED SCHEMES.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 11 Debt Obligations.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSources of U.S. GAAP and IFRS.\u003c\/p\u003e \u003cp\u003eMeasurement.\u003c\/p\u003e \u003cp\u003eFair Value Option.\u003c\/p\u003e \u003cp\u003eValuation of Debt.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 12 Deferred Revenue.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSources of U.S. GAAP and IFRS.\u003c\/p\u003e \u003cp\u003eRecognition—Customer Loyalty Programs.\u003c\/p\u003e \u003cp\u003eMultiple Deliverable Arrangements.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 13 Asset Retirement Obligations.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSources of U.S. GAAP and IFRS.\u003c\/p\u003e \u003cp\u003eRecognition—U.S. GAAP.\u003c\/p\u003e \u003cp\u003eRecognition—IFRS.\u003c\/p\u003e \u003cp\u003eCan a Reliable Estimate Be Determined?\u003c\/p\u003e \u003cp\u003eMeasuring and Recording an Asset Retirement Obligation.\u003c\/p\u003e \u003cp\u003eSummary—Comparison of U.S. GAAP and IFRS.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 14 Guarantees.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSources of U.S. GAAP and IFRS.\u003c\/p\u003e \u003cp\u003eRecognition—U.S. GAAP.\u003c\/p\u003e \u003cp\u003eMeasurement.\u003c\/p\u003e \u003cp\u003eRecognition—IFRS.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART IV OTHER FAIR VALUE ACCOUNTING FRAUD ISSUES.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 15 Derivatives and Hedging.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSources of U.S. GAAP and IFRS.\u003c\/p\u003e \u003cp\u003eDefinitions and Treatment—U.S. GAAP.\u003c\/p\u003e \u003cp\u003eDefinitions and Treatment—IFRS.\u003c\/p\u003e \u003cp\u003eMeasurement.\u003c\/p\u003e \u003cp\u003eEmbedded Derivatives.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 16 Assets or Liabilities of Sponsors of Employee Benefit Plans.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSources of U.S. GAAP and IFRS.\u003c\/p\u003e \u003cp\u003eRecognition and Measurement—U.S. GAAP.\u003c\/p\u003e \u003cp\u003eRecognition and Measurement—IFRS.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 17 Contingencies and Provisions.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSources of U.S. GAAP and IFRS.\u003c\/p\u003e \u003cp\u003eRecognition—U.S. GAAP.\u003c\/p\u003e \u003cp\u003eAmount of Loss to Be Recognized.\u003c\/p\u003e \u003cp\u003eRecognition—IFRS.\u003c\/p\u003e \u003cp\u003eMeasurement.\u003c\/p\u003e \u003cp\u003eComparison of U.S. GAAP and IFRS.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 18 Share-Based Transactions.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSources of U.S. GAAP and IFRS.\u003c\/p\u003e \u003cp\u003eRecognition—U.S. GAAP.\u003c\/p\u003e \u003cp\u003eMeasurement—U.S. GAAP.\u003c\/p\u003e \u003cp\u003eRecognition—IFRS.\u003c\/p\u003e \u003cp\u003eMeasurement—IFRS.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 19 Nonmonetary Transactions.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSources of U.S. GAAP and IFRS.\u003c\/p\u003e \u003cp\u003eRecognition and Measurement—U.S. GAAP.\u003c\/p\u003e \u003cp\u003eRecognition and Measurement—IFRS.\u003c\/p\u003e \u003cp\u003eAdvertising Barter Transactions—U.S. GAAP.\u003c\/p\u003e \u003cp\u003eAdvertising Barter Transactions—IFRS.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 20 Special Fair Value Issues of Not-for-Profit Organizations.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction.\u003c\/p\u003e \u003cp\u003eNoncash Contributions of Assets.\u003c\/p\u003e \u003cp\u003eContributed Use of Assets.\u003c\/p\u003e \u003cp\u003ePromises to Give.\u003c\/p\u003e \u003cp\u003eContributed Services.\u003c\/p\u003e \u003cp\u003eMatching Requirements.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 21 Fair Value Disclosure Issues.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction.\u003c\/p\u003e \u003cp\u003eSources of Disclosure Requirements.\u003c\/p\u003e \u003cp\u003eFinancial Instruments.\u003c\/p\u003e \u003cp\u003eImpairment Losses.\u003c\/p\u003e \u003cp\u003eUncertainties.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART V DETECTION OF FAIR VALUE ACCOUNTING FRAUD.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 22 A Framework for Detecting Fair Value Accounting Fraud.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAssessing the Risk of Fraud.\u003c\/p\u003e \u003cp\u003eUnderstanding How Fair Value Impacts the Financial Statements.\u003c\/p\u003e \u003cp\u003eExternal Factors that Indicate Risk.\u003c\/p\u003e \u003cp\u003eInternal Risk Factors.\u003c\/p\u003e \u003cp\u003eMateriality.\u003c\/p\u003e \u003cp\u003eInternal Controls over Fair Value Accounting.\u003c\/p\u003e \u003cp\u003eThe Risk of Management Override.\u003c\/p\u003e \u003cp\u003eFramework for Fair Value Accounting Fraud Detection.\u003c\/p\u003e \u003cp\u003eAuditing Standards.\u003c\/p\u003e \u003cp\u003eAuditor Independence.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 23 Use of Ratios and Other Analytical Procedures.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAnalytical Procedures as a Fraud Detection Tool.\u003c\/p\u003e \u003cp\u003eHorizontal Analysis.\u003c\/p\u003e \u003cp\u003eVertical Analysis.\u003c\/p\u003e \u003cp\u003eOperating Ratios.\u003c\/p\u003e \u003cp\u003eCustomized Ratios.\u003c\/p\u003e \u003cp\u003e\u003cb\u003e\u003ci\u003eAppendix A\u003c\/i\u003e\u003c\/b\u003e Summary Checklist of Fair Value Accounting Fraud Risks.\u003c\/p\u003e \u003cp\u003e\u003cb\u003e\u003ci\u003eAppendix B\u003c\/i\u003e\u003c\/b\u003e SEC Office of the Chief Accountant and FASB Staff Clarifications on Fair Value Accounting.\u003c\/p\u003e \u003cp\u003e\u003cb\u003e\u003ci\u003eAppendix C\u003c\/i\u003e\u003c\/b\u003e Internal Controls over Fair Value Accounting Applications.\u003c\/p\u003e \u003cp\u003eBibliography.\u003c\/p\u003e \u003cp\u003eAbout the Author.\u003c\/p\u003e \u003cp\u003eIndex.\u003c\/p\u003e \u003cb\u003eGerard M. Zack\u003c\/b\u003e is President of Zack, P.C. and is a nationally recognized expert on accounting, audit, internal control, and fraud issues. He is a regular speaker at AICPA and Association of Certified Fraud Examiner (ACFE) conferences and events, and is the author of \u003ci\u003eFraud and Abuse in Nonprofit Organizations: A Guide to Prevention and Detection\u003c\/i\u003e (Wiley).  In its December 2008 report on the use of fair value accounting in the United States, the Securities and Exchange Commission (SEC) soundly endorsed the use of fair value accounting, encouraging the expansion of fair value applications in financial statements, while also supporting clarification and simplification of fair value accounting standards.  \u003cp\u003eProviding much-needed, practical guidance that simplifies an intimidating topic, \u003ci\u003eFair Value Accounting Fraud: New Global Risks and Detection Techniques\u003c\/i\u003e is a nuts-and-bolts book dedicated to equipping fraud investigators and auditors to understand the many risks of fraud based on how fair value accounting is utilized in the preparation of financial statements.\u003c\/p\u003e \u003cp\u003eNot designed as a how-to book on performing business or asset valuations, \u003ci\u003eFair Value Accounting Fraud\u003c\/i\u003e instead familiarizes professionals with the ins-and-outs of fraud issues in fair value accounting with discussion of:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eThe Use of Fair Value Measurements in Financial Statements\u003c\/li\u003e \u003cli\u003eMethods of Determining Fair Value\u003c\/li\u003e \u003cli\u003eRecent Changes to Fair Value Accounting Standards\u003c\/li\u003e \u003cli\u003eAsset-based Fraud Schemes Involving Fair Value\u003c\/li\u003e \u003cli\u003eInvestments in Debt and Equity Securities\u003c\/li\u003e \u003cli\u003eIntangible Assets\u003c\/li\u003e \u003cli\u003eNonmonetary Transactions\u003c\/li\u003e \u003cli\u003eBusiness Combinations\u003c\/li\u003e \u003cli\u003eLiability-based Fraud Schemes\u003c\/li\u003e \u003cli\u003eComparison of U.S. GAAP and IFRS\u003c\/li\u003e \u003cli\u003eSpecial Fair Value Issues of Not-for-Profit Organizations\u003c\/li\u003e \u003cli\u003eFair Value Disclosure Issues\u003c\/li\u003e \u003cli\u003eInternal Controls for Fair Value Accounting\u003c\/li\u003e \u003cli\u003eDetection of Fair Value Accounting Fraud\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eAuthor Gerard Zack, nationally recognized accounting, audit, and fraud expert, clearly demonstrates his experience in this subject, providing readers with an overview of the fair value applications, how those applications differ under U.S. and international accounting standards, as well as some of the most commonly used methods, especially as these subjects relate to the primary focus—the risk of financial reporting fraud.\u003c\/p\u003e \u003cp\u003eConversational in tone with valuable insights, \u003ci\u003eFair Value Accounting Fraud\u003c\/i\u003e lifts the veil of confusion from the substantial and growing requirements for understanding the various methodologies used in determining and detecting fair value accounting fraud.\u003c\/p\u003e  \u003cb\u003ePraise for \u003ci\u003eFair Value Accounting Fraud: New Global Risks and Detection Techniques\u003c\/i\u003e\u003c\/b\u003e  \u003cp\u003e\"This interpretive guide to financial reporting is essential for recognizing and truly appreciating the creativity spawned from the fair value accounting rules. This book is the most comprehensive treatment of the topic that I know of. Accountants, auditors, and fraud examiners will find it invaluable in understanding and detecting fair value tricks.\"\u003cbr\u003e —\u003cb\u003eJames D. Ratley, CFE, President, Association of Certified Fraud Examiners\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"This timely book is a must for auditors, investigators, and anyone who analyzes or relies on financial statements. Zack offers expert analysis and thorough and practical guidance on a complex, emerging global issue in financial reporting fraud.\"\u003cbr\u003e —\u003cb\u003eFrank W. Abagnale, Author, Lecturer, Consultant, Subject of the motion picture, \"Catch Me If You Can\"\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"Must-read for anybody working in the accounting field. It's loaded with a practical approach to understanding the complexities of fair value accounting.\"\u003cbr\u003e —\u003cb\u003eWayne Berson, CPA, Atlantic Region Business Line Leader, BDO Seidman, LLP\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWith crystal clarity, \u003ci\u003eFair Value Accounting Fraud: New Global Risks and Detection Techniques\u003c\/i\u003e provides auditors and fraud investigators with explanations of the many fraud risks pertaining to fair value accounting issues, as well as best practices for internal controls over fair value accounting applications.\u003c\/p\u003e \u003cp\u003eGerard Zack, a top expert in the field, provides much-needed insight, demystifying this topic with practical advice and helpful knowledge, making it a trusted reference on the ins-and-outs of financial statement fraud involving fair value issues.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989195145445,"sku":"NP9780470478585","price":68.5,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470478585.jpg?v=1761783163","url":"https:\/\/k12savings.com\/es\/products\/fair-value-accounting-fraud-isbn-9780470478585","provider":"K12savings","version":"1.0","type":"link"}