Press Release
Endorsement

Industry News:

August 2008: FAS 140 Delayed One Year!

The Financial Accounting Standards Board (FASB) postponed the implementation of FAS 140 by one year. FAS 140 would consolidate securitization qualified special-purpose entities (QSPE) - including mortgages, credit card, student and retail auto loans. Losses and valuations would be brought (back) to the balance sheets and potentially adversely impact capital and regulatory requirements, financial ratios, financial covenant performance and dampen credit markets, trigger more write downs, and impede liquidity.

FAS Rule 157, 159 - Mortgage Valuations & Write Downs

FAS 5 Accounting for Contingencies (Issued 3/75)

FASB

In the News. . .
June 9, 2008—MEDIA ADVISORY—The Financial Accounting Foundation and the Financial Accounting Standards Board to Host High-Quality Global Accounting Standards: Issues and Implications for U.S. Financial Reporting

June 6, 2008—FASB Issues Exposure Draft on Accounting for Hedging Activities

June 5, 2008—FASB Issues Exposure Draft on Disclosure of Certain Loss Contingencies

May 29, 2008—US FASB and IASB Seek Views on Two Consultative Documents on the Conceptual Framework

May 27, 2008—Financial Accounting Standards Board Meets with Accounting Standards Board of Japan to Discuss Global Convergence

May 23, 2008—FASB Issues Statement No. 163, Accounting for Financial Guarantee Insurance Contracts

May 9, 2008—FASB Issues Statement No. 162, The Hierarchy of Generally Accepted Accounting Principles