Streamlining the New Fair Value Disclosure Requirement
Presenter: Neekis Hammond
A new Financial Accounting Standards Board (FASB) disclosure requirement makes several material changes to the U.S. generally accepted accounting principles (GAAP). Among the changes are new requirements for determining the fair value disclosure of financial institutions’ loan portfolios.
(ASU) 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, went into effect for financial statements beginning after 12/31/17. The update requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes in accordance with Topic 820.
Watch to learn about:
- What exactly is required
- How to perform a fair value measurement
- Q1 2018 valuation results
- CECL synergies
- How and why Sageworks can help
Neekis Hammond, CPA
Neekis Hammond has amassed a wealth of knowledge on ALLL, CECL preparation and methodologies, and various portfolio analysis and risk topics. Prior to his consulting work, he worked on acquisitions up to $2 billion in size at a multi-billion-dollar financial institution. Neekis has also served as an auditor with a regional CPA firm and as a provider of valuation, accounting, and loan analysis services within Elliott Davis Decosimo's FIG Consulting division. Today, as Abrigo’s Managing Director of Advisory Services, Neekis utilizes his unique expertise to provide thoughtful feedback to product development on compliance and accuracy, and he helps our community bank and credit union clients develop strategies that better navigate regulations without undue portfolio risk. Neekis earned his bachelor’s degree in accounting from Brigham Young University - Idaho.