Mitigating the Impact of Risky Investments (CDOs, Credit Default Swaps, and others): A Practical Guide for Municipalities and other public works companies LIVE Webcasts
And Critical GASB Issues for 2009 LIVE Webcasts ** Register in both events for only $199! ** Mitigating the Impact of Risky Investments (CDOs, Credit Default Swaps, and others): A Practical Guide for Municipalities and other public works companies Summary: Over the last few years, many municipalities were unwittingly sold exotic investments. Targeted by an investment advisors, municipalities were persuaded into buying investments which showcased the upside while greatly downplaying the risks. Many of these investments were in fact extremely risky and very fragile. Making matters worse, many of these investment products were purchased with money borrowed from banks a half a world away. With the market turmoil, municipalities are holding investments whose values are highly uncertain. While there are no quick fixes to this problem, there are ways to mitigate risk and reduce the impact of these bad investments on your portfolio. The Knowledge Congress has assembled a team of key thought leaders to help your municipality minimize the impact of exotic investments. The event will take place on June 29, 2009, 3:00pm to 5:00pm (ET). Register for this event: https://web.memberclicks.com/mc/quickForm/viewForm.do?orgId=gkc&formId=61158 FEATURED SPEAKERS: Internal Revenue Service Steven Chamberlin Manager, Tax Exempt Bonds, Compliance & Program Management Jones Day Edward J. O'Connell Partner Mayer Brown LLP Joel S. Telpner Partner ** Register in both events for only $199! ** Event Agenda: Mitigating the Impact of Risky Investments - What is a CDO?, - What is a Credit Default Swap? 1) Tax requirements relating to interest rate swaps entered into with respect to tax-exempt bonds. 2) Effects of noncompliance with these tax requirements. 3) IRS enforcement and voluntary compliance programs relating to noncompliance with these tax requirements. Mitigating the Impact of Risky Investments Date: Monday, June 29, 2009 Time: 3:00pm to 5:00pm (ET) Amount: $149 Course Code: 083822 Course Fee: $149 Recommended CLE/CPE Hours: 1.75 - 2.0 (Please 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.) And Critical GASB Issues for 2009 Summary: In the last several years, GASB has issued a number of accounting statements that have significantly changed the way government entities report and disclose financial information. This year, certain GASB statements will change how government finance executives do their accounting and financial reporting. Of primary concern will be the continuous redefining of GAAP for state and local governments, as well as other issues resulting to GASB's latest pronouncements. Our experts will attempt to explain whats going on now and take a look ahead to additional accounting changes that may soon affect the public sector. The Knowledge Congress is assembling a panel of distinguished thought leaders, professionals and key regulators to help government financial executives understand issues arising from the statements coming into effect this year. The speakers will present their expert opinions in a two-hour LIVE webcast. The event will take place on July 8, 2009, 12:00pm to 2:00pm (ET). Register for this event: https://web.memberclicks.com/mc/quickForm/viewForm.do?orgId=gkc&formId=61158 FEATURED SPEAKERS: Commonwealth of Massachusetts Eric S. Berman, CPA Deputy Comptroller KPMG LLP Gregory Driscoll Partner, Department of Professional Practice SB & Company, LLC William Seymour Audit Partner Squire, Sanders & Dempsey LLP Kenneth W. Bond Partner ** Register in both events for only $199! ** Event Agenda: GASB Standards Being Implemented in FY09 (and beyond) a. FY09: i. GASB Statement No. 49 Accounting and Financial Reporting for Pollution Remediation Obligations ii. GASB Statement No. 52 Land and Other Real Estate Held as Investments by Endowments iii. GASB Statement No. 55 The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments iv. GASB Statement No. 56 Codification of Accounting and Financial Reporting Guidance Contained in the AICPA Statements on Auditing Standards b. FY10 (If time) i. GASB Statement No. 53 Accounting and Financial Reporting for Derivative Instruments Just the Highlights ii. GASB Statement No. 54 Fund Balance Reporting and Governmental Fund Type Definitions Other Implementation Issues Questions - GASB 51 provides a detailed description of intangible assets that would be covered within its scope. - GASB 51 states all intangible assets within its scope should be classified as capital assets. - GASB 51 provides a specified-conditions approach for recognizing costs associated with developing internally generated intangible assets - A detailed application of this specified-conditions approach is provided in GASB 51 for internally generated computer software which is expected to be the most prevalent intangible asset - GASB 51 is effective for fiscal periods beginning after June 15, 2009, but it is key to have policies and procedures in place for recognizing internally generated intangible assets at the beginning of FY 2010. - Service efforts and accomplishments and reporting in current administrations push for transparency and reporting of how stimulus funds are being distributed and spent. - Discussion of fair value accounting (GASB is considering what FASB has done with FAS 157). - Discussion of overall movement to international financial reporting standards (principles versus rules based approach) and consideration of changing in financial statement presentation. - Discussion of conceptual framework- recognition and measurement attributes- GASB is laying the ground work to codify accounting principles instead of relying on what has been practice. - What is GASB 45 and OPEB? - How do states and local governments (including school districts) account for OPEB? - Why GASB 45? - How will the UAAL be funded? - Difficulties in determining the UAAL and the ARC. - Problems with GASB 45 Compliance - Public Sector Reaction to GASB 45 - Municipal Securities Market Reaction to GASB 45 - Public Policy Problems with GASB 45 Critical GASB Issues for 2009 Date: Wednesday, July 8, 2009 Time: 12:00pm to 2:00pm (ET) Amount: $149 Course Code: 093853 Course Fee: $149 Recommended CLE/CPE Hours: 1.75 - 2.0 (Please 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.) Registration Link (click link below or copy and paste into your browser): https://web.memberclicks.com/mc/quickForm/viewForm.do?orgId=gkc&formId=61158 For Group registrations please click http://www.knowledgecongress.org/group_registration.htm or call 1.800.578.4370 for more info. Important Notice: Discounts apply for early registration. If you have a scheduling conflict and can't attend this live event on its scheduled date, you may want to order the full recording of the event for your review at your convenience. Please email: i...@knowledgecongress.org for any question or if you wish to order the recording. CLE We are an approved multi-event sponsor in the state of California. Our provider ID is: 14451. In Texas, Illinois, & Virginia, we submit programs for individual approval in advance. In New York, our programs are submitted immediately after the event live date and attendees are sent the approval codes once we receive them from the New York State Bar. All Other states: Once attendance is verified, attendees 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 therefore are designed to meet the requirements of all State Bar Associations. If you have any questions, please email our CLE coordination: i...@knowledgecongress.org CPE Sponsors The Knowledge Conference 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 Enrolled Agents Sponsor ID Number: 760 We have entered into an agreement with the Office of Professional Responsibility, Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the Office of Professional Responsibility as to the quality of the program or its contribution to the professional competence of the enrolled individual. To view a list of all upcoming events, check our Events Calendar via the link below: http://www.knowledgecongress.org/events.htm Disclaimer: Please note, the event date is firm although it may be subject to change. 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