Fair Value Measurement, Impairment and Contingent Asset Reporting for Seized Property

Course overview

Seized and forfeited property raises some of the hardest measurement questions in public sector accounting. How should a forfeited building be valued in the accounts? When does a seized vehicle become impaired? How should the likely outcome of pending forfeiture cases be disclosed? This fair value measurement course gives accountants clear methods for these questions.

Participants study fair value principles, the valuation hierarchy and the inputs used for property, vehicles, financial instruments and complex assets, and how to work with valuers to obtain figures suitable for financial statements. They learn impairment indicators for seized and forfeited property, how to test and record impairment, and when reversals apply. The course then turns to contingent assets and liabilities arising from pending cases, the judgements involved, and how to write disclosures that are informative without prejudicing litigation. Practical exercises use the year-end position of a model asset recovery agency.

Participants leave able to measure, test and disclose seized and forfeited property in a way auditors will accept.

What you will be able to do

• Apply fair value principles and the valuation hierarchy
• Obtain and review valuations suitable for financial statements
• Identify impairment indicators for seized and forfeited property
• Test, record and reverse impairment correctly
• Assess and disclose contingent assets and liabilities from pending cases
• Prepare audit-ready measurement and disclosure files

Who should attend

For accountants and auditors who prepare or review the financial statements of institutions holding seized or forfeited property.

• Financial accountants
• Finance managers
• External auditors
• Internal auditors
• Government valuers
• Public sector accounting standards staff

Course outline

Fees are per participant in US dollars and cover tuition, course materials and your certificate. Travel and accommodation are not included.