QSPE

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FASB recently spelled out the demise of the Qualified Special Purpose Entity via its publication of Standard Nos. 166 (Accounting for Transfers of Financial Assets) and 167 (Amendments to FASB Interpretation No. 46(R) ). QSPE’s were long criticized because they allowed some assets to be removed from the company’s books although in essence, they were still actively under the control of the company. It is often thought that this significantly contributed to the rampant securitization issues that were a central part of the financial system meltdown. SFAS 166 and 167 ensure that companies can only remove assets that they do not control. Interestingly, SFAS 166 & 167 are more guidance-based vs. rules-based leaving the door open to a considerable array of interpretations. Many wonder if companies will really comply with the guidance or merely “go through the motions”. The critical issue here is how the new regulations will apply to your assets and the transactions that you may have in your pipeline.

The Knowledge Group has assembled a panel of key thought leaders and regulators to help Finance and Accounting Executives understand this and all the important issues with respect to SFAS 166 & 167 including interpretation and best practices. This live webcast is a must-attend for all professionals who need to be in the know with respect to understanding SFAS 166 & 167.

Course Level: Intermediate
Prerequisite: None
Method Of Presentation: Group-Based-Internet
Developer: The Knowledge Group, LLC
Recommended CLE/CPE Hours: 1.75 - 2.0
Important Note: Your State Bar or Accounting Board will make the final determination with respect to continuing education credit. If you are applying for CLE credit in Texas you must register 20 days before the event date or you will not be able to obtain CLE credit.
Advance Preparation: Print and review course materials
Course Code: 093909
Recording Fee: $299 (Please click here for details)
NASBA Sponsor Number: 109004

 

Featured Speakers for Ending the “QSPE” (SFAS 166 & 167) live webcast:


Proposed Agenda (click here to view more)
SEGMENT 1:


Stuart M. Litwin, Partner, Co-Head, Securitization Practice,
Mayer Brown LLP

- Structures that will achieve sale treatment under SFAS 166 & 167
    - Term ABS structures
    - ABCP structures
    - Update on regulatory changes resulting from adoption of SFAS 166/167

SEGMENT 2:


Jeffrey T. Allen, Managing Director, Financial Instruments and Credit Group,
PricewaterhouseCoopers LLP

- SFAS 166
  - Removal of the QSPE concept
  - Revisions to the conditions for sales accounting (par. 9)
  - "Participating interest": attributes and accounting for transfers thereof

- SFAS 167
  - The new consolidation model for variable interest entities: "power" and "potentially significant"
    economics
  - Kickout and participating rights: will they continue to matter?
  - When may a decision-maker be considered a fiduciary?

SEGMENT 3:


Robert Walley, Principal, Enterprise Risk Services,
Deloitte & Touche LLP

- Operationalizing SFAS 167
    - Inventory Development and Control
    - Investment Life cycle
    - Quarterly Monitoring
    - Reconsideration Processes
    - Reporting

SEGMENT 4:


Tracy S Benard, Partner, Transaction Services, New York,
KPMG LLP

- SFAS 167

    - The new consolidation model for variable interest entities: "power" and "potentially significant"
      economics
    - Kick out and participating rights: will they continue to matter?
    - When may a decision-maker be considered a fiduciary?
    - Refresher on current consolidation model



Mayer Brown LLP
Stuart M. Litwin
Partner, Co-Head, Securitization Practice
speaker bio »»

PricewaterhouseCoopers LLP
Jeffrey T. Allen
Managing Director, Financial Instruments and Credit Group
speaker bio »»

Deloitte & Touche LLP
Robert Walley
Principal, Enterprise Risk Services
speaker bio »»

KPMG LLP
Tracy S Benard
Partner, Transaction Services, New York
speaker bio »»

Who Should Attend?

- Accountants/ CPAs
- Financial Analysts
- Finance Managers & Attorneys
- Securitization Practicing Attorneys and Consultants
- Financial Instruments and Credit Consultants
- Capital Markets and Corporate and Securities Consultants
- Senior Corporate Management

Why Attend?

This is a must attend event to everyone to hear the latest updates and developments on SFAS 166 & 167 and impact to firms
- Detailed guidance explained by the most qualified key leaders & experts
- Hear directly from key regulators & thought leaders
- Interact directly with panel during Q&A

Registration Information:                                                                                                                                    


 

 

 

 


Ending the “QSPE” (SFAS 166 & 167) and its impact on your firm LIVE Webcast
Speaker Firms:








 

The Knowledge Group, LLC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Website: www.nasba.org


 

We are an approved multi-event sponsor in the state of California. Our provider ID is: 14451. In Texas, Illinois, and Virginia, we submit programs for individual approval in advance. In all other states, once attendance is verified, participants are emailed an official certificate of attendance which they submit to their respective State Bar Associations. Our programs are created with continuing education in mind and are therefore designed to meet the requirements of all State Bar Associations. If you have any questions, please email our CLE coordinator at: info@knowledgecongress.org

Important Note: Your State Bar or Accounting Board will make the final determination with respect to continuing education credit. If you are applying for CLE credit in Texas you must register 20 days before the event date or you will not be able to obtain CLE credit.

Attention New York Attorneys:

This program is approved for CLE credit under New York’s Approved Jurisdiction policy. The Knowledge Group, LLC is an approved sponsor in the state of California, a New York Approved Jurisdiction. This program fulfills the non-traditional format requirement of exceeding 60 minutes in length. Please note only experienced attorneys (more than 2 years) are eligible to receive CLE credit via non-traditional format learning platforms. The Knowledge Group will verify attendance during the webcast via secret words (3 per credit hour) and by auditing attendees log in and log out records. All verification instructions will be provided during the webcast. Once attendance verification requirements have been completed, the attendee will be issued a certificate of attendance be The Knowledge Group for the course with the recommended number of credit hours. The Certificate of Attendance is normally sent via email in 24 hours or less.

To Claim Your CLE Credits:

The attorney should simply include credits earned via Knowledge Group webcasts when computing the total number of CLE credits completed, and keep the Knowledge Group Certificate of Attendance for a period of at least four (4) years in case of audit. An attorney may count towards her/his New York CLE requirement credit earned through the Approved Jurisdiction policy without notifying the CLE Board.

To learn more about New York’s Approved Jurisdiction policy. Please visit: http://www.nycourts.gov/attorneys/cle/approvedjurisdictions.shtml



 
Enrolled Agents Sponsor ID Number: 760

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