Tag:
Fas 157
Latest Headlines
Latest Headlines
Despite good news, lots of earnings jitters
The quarter that just ended was the first full quarter since the top banks took billions in taxpayer-funded TARP payments, Reuters reports. There has been lots of hope for a really good quarter. Citigroup CEO Vikram Pandit and Bank of America CEO Ken Lewis made it known that their banks had re
Will Mary Shapiro slow the move toward IFRS?
Mary Shapiro duly attended a recent meeting of the IASC Foundation Monitoring Board, a group formed by International Accounting Standards Committee Foundation, reports CFO.com. Sarbanes-Oxley
The tide turns on mark-to-market
The banking industry has been fairly relentless in its efforts to overturn the mark-to-market rules that investors have so dearly embraced. Success at last: The FASB has voted to allow more leniency
More FAS 157 guidance from the FASB
The case against fair value accounting is pretty simple: The rule requires companies to value assets at market prices (based on recent transactions) even though the assets may in fact be worth more.
Banks tout use of FAS 115
The debate over FAS 157 has segued into a debate over the use of FAS 115. Big banks, frustrated that they are still required to comply with mark-to-market rules, are starting to push for the use of
Don't count on suspension of fair value rules
Recall that the $700 billion bailout deal passed by Congress included a requirement that the SEC study the impact of fair-value accounting on the financial system. Some thought this might presage an
Fair value to affect deals?
You've probably had your fill of fair value talk. Who would have thought we'd be spending so much time on something called FAS 157? But what to do about this rule--and 115 for that matter--is of critical importance to the industry. And now there is a new wrinkle.
Reuters reports that new M
President-elect's team: What about the SEC?
Compliance Week notes that while President-elect Barack Obama has drawn raves for putting together a solid economic team, there's one position that has not been named: Chairman of the SEC. One could
Auditors bracing for a backlash
We noted last week that more people are raising the issue of auditor involvement in some of the financial meltdowns we've seen. The list is long, of course: Fannie and Freddie, Bear Stearns and
Big mark-to-market meeting on Wednesday
FAS 157, the controversial fair accounting rule, will be the topic of a roundtable today at the Securities and Exchange Commission. As you know, the rule has become the center of much controversy, with more than a few pundits and experts blaming the rule for the financial meltdown. My guess is tha
