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11-05-23 :
New Standards On Fair Value; Changes Planned For Financial Instruments, By KPMG
10-10-04 :
FEI Providing Preparer Input To FASB On Investment Properties
FEI has launched an online survey to help gather input from the preparer community on accounting Investment Properties, including particularly the scope what will be defined as 'investment properties,' including real estate.
10-09-10 :
FASB To Hold Roundtables On Financial Instruments, Other Standards
On Sept. 10, FASB announced it will hold a series of public roundtables on the proposed Accounting Standards Update: Accounting for Financial Instruments and Revisions to the Accounting for Derivative Instruments and Hedging Activities - Financial Instruments (Topic 825) and Derivatives and Hedging (Topic 815).
10-09-02 :
FEI Comments On FASB's Fair Value Proposal
10-02-17 :
FASB Posts Updates On Financial Instruments, Fair Value Measurement Projects
FASB recently posted updates on its Financial Instruments and Fair Value Measurement projects.
10-02-15 :
SEC Chairman, Chief Accountant, Others Provide Highlights At PLI's SEC Speaks
Following are highlights from SEC staff, including SEC Chief Accountant Jim Kroeker and SEC Division of Corporation Finance Chief Accountant Wayne Carnall, at the annual PLI SEC Speaks conference on Feb. 5, 2010.
10-01-22 :
FASB ASU 2010-06: Improving Disclosures About Fair Value Measurements
On Jan. 21, 2010 the FASB released ASU 2010-06, Improving Disclosures About Fair Value Measurements.
09-10-14 :
FASB, IASB News Roundup Oct. 1, 2009 - Oct. 14, 2009
This summary is provided as a service for FEI members-only.
09-09-14 :
FASB-IASB Hold Roundtables On Financial Instruments
On Sept. 14, 2009 FASB and the IASB held the third in a series of three roundtables on their financial instruments project.
09-09-01 :
Financial Statements and the Return of Professional Judgment
09-09-01 :
The Fast Close
09-08-24 :
FASB Proceeds On Loss Contingencies; Financial Instruments
At its Aug. 19, 2009 board meeting, FASB made certain decisions as it moves toward a final standard on disclosure of certain loss contingencies. Additionally, FASB decided on a definition of financial instruments and some items to scope out of the definition for purposes of its current financial instruments project.
09-08-14 :
Financial Instruments Exposure Draft Coming; Final Standard 2010 Could Be Effective 2011
In opening remarks at FASB's Aug. 13, 2009 board meeting, FASB Chairman Robert Herz said the board is working toward issuing an Exposure Draft on its financial instruments project, but several board meetings would take place at which the subject is discussed, before the ED is issued.
09-08-13 :
FASB Chairman's Opening Remarks On Status Of Financial Instruments Project
Following are opening remarks of FASB Chairman Robert Herz at FASB's Aug. 13, 2009 board meeting, at which he described the status of FASB's financial instruments project.
09-08-13 :
American Bankers Association Voices Concern On FASB-IASB Financial Instruments Project
On Aug. 12, 2009 the American Bankers Association filed a comment letter on FASB's financial instruments project. ABA included in an attachment to that letter a white paper entitled: The Current Pace and Direction of Accounting Standard Setting. The letter and white paper follow another letter and white paper filed by ABA on the financial instruments project on Aug. 4.
09-05-28 :
IASB Releases Proposals On Fair Value Measurement, Pensions
On May 28, 2009 the IASB released two proposals, on fair value measurement, and pensions.
09-05-20 :
President Obama Signs Fraud Enforcement And Recovery Act (FERA); Mortgage Act
On May 20, 2009 President Barack Obama signed into law the Fraud Enforcement and Recovery Act of 2009 (FERA).
09-05-14 :
FEI Webcast June 9: What's Happening At FASB That You Need To Know
On June 9, 2009 FEI presents a webcast on What's New With FASB, featuring Russell Golden, FASB Technical Director, and leading auditors. Advance registration is required.
09-05-06 :
FASB Prepares Guidance On Fair Value Of Alternative Investments
At its May 6, 2009 board meeting, the FASB discussed upcoming guidance on fair value of alternative investments. In other news relating to fair value accounting, FASB recently released Proposed FSP 157-3 on fair value of liabilities.
09-04-22 :
PCAOB Issues Staff Practice Alert On Fair Value
On April 21, 2009 the PCAOB issued Staff Audit Practice Alert No. 4, Auditor Considerations Regarding Fair Value Measurements, Disclosures and Other-Than-Temporary Impairments.
09-04-20 :
Highlights of FASB-IASB Financial Crisis Advisory Group Meeting
Following is a summary of highlights from the April 20, 2009 FASB-IASB Financial Crisis Advisory Group (FCAG) meeting.
09-04-14 :
SEC Releases SAB 111, Amending Topic 5-M On Other Than Temporary Impairment (OTTI)
On April 14, 2009 the SEC released Staff Accounting Bulletin (SAB) 111, amending SAB Topic 5-M, related to other-than-temporary impairment (OTTI).
09-04-09 :
FASB Issues Final FSPs On Fair Value, OTTI, Disclosure
On April 9, 2009 FASB issued three final FSPs on fair value in inactive markets, other-than-temporary-impairment (OTTI), and interim fair value disclosures.
09-04-03 :
FASB Releases "Plain English" Summary Of Fair Value Action
On April 3, 2009 the Financial Accounting Standards Board released a 'plain English' summary of the actiosn taken at its April 2 board meeting.
09-04-02 :
FASB Votes To Issue Final Guidance On Fair Value, OTTI, Disclosures
At its board meeting on April 2, 2009 FASB voted to issue three final FASB Staff Positions (FSPs) providing guidance on fair value in inactive markets, other-than-temporary-impairment (OTTI), and disclosures.
09-04-01 :
FEI Responds To FASB On Proposed Fair Value, Impairment Guidance
On April 1, 2009 FEI's Committee on Corporate Reporting (CCR) filed comments letters with FASB in response to FASB's proposals to improve guidance for fair value in inactive markets, and other-than-temporary-impairment (OTTI).
09-03-16 :
FASB Votes To Propose Additional Guidance On Fair Value In Inactive Markets, Distressed Transactions
At its board meeting on March 16, 2009, the Financial Accounting Standards Board voted to release Proposed FSP FAS 157-x (number to be assigned), Determining Whether a Market is Not Active and a Transaction is Not Distressed. The proposed FSP is expected to be issued on March 17, with comments due April 1, so FASB can vote whether to issue a final FSP on April 2.
09-03-16 :
FASB To Propose Additional Guidance On OTTI
At its March 16, 2009 board meeting, FASB voted to release a proposed FSP to provide additional guidance on other-than-temporary-impairment (OTTI).
09-03-16 :
FASB Releases Proposed FSPs On Fair Value, OTTI; Comments Due April 1
At its board meeting on March 16, 2009 the FASB voted to propose two FASB Staff Positions (FSPs) on fair value and other-than-temporary-impairment (OTTI).
09-03-12 :
FASB Chairman Robert H. Herz Testifies on Mark-to-Market Accounting
09-03-06 :
Congressional Hearings Slated On Mark-To-Market, More
The House Financial Services Committee has announced it will hold a hearing on March 12, 2009 on mark-to-market accounting. Additional hearings are being conducted by this and other Congressional commiteees relating to the credit crisis, systemic risk, and regulatory reform.
09-03-01 :
FASB, SEC Commit To Providing Fair-Value (Mark-to-Market) Guidance By April 2
Following is a summary of the March 12, 2009 Congressional hearing on mark-to-market accounting.
09-02-25 :
Cross Tabulated Results By Type Of Company-FEI Survey On Treasury Financial Stability Plan
09-02-25 :
Summary Results Of FEI Survey-U.S. Treasury Financial Stability Plan
09-02-25 :
Narrative Responses Written In For "Other" To Q.3, FEI Survey On Treasury's Financial Stability Plan
09-02-24 :
User Views On Fair Value: Vinny Catalano, CFA, Randy Schostag, CFA
09-02-17 :
How Should The EU Respond To The Financial Crisis-By ACCA
09-02-15 :
FASB-IASB Group Discusses Fair Value, Financial Stability
On Feb. 13, 2009 the Financial Crisis Advisory Group - an advisory group of the FASB and IASB - met to discuss topics including fair value accounting, loan loss provisions, financial stability, and transparency.
09-02-13 :
FEI Survey On The U.S. Treasury Department's Financial Stability Plan
09-02-05 :
FASB Advisory Group Calls For Further Guidance On Fair Value
On Feb. 5, 2009, FASB's Valuation Resource Group called for further gudiance on fair value accounting in inacive markets.
09-02-03 :
Accounting Roundup Year In Review, 2008 - By Deloitte
09-01-30 :
FASB Releases New Proposal On Interim, Annual Financial Instruments Disclosures
On Jan. 30, 2009 FASB released Proposed FSP FAS 107-a and APB 28-a, Interim Disclosures About Fair Value of Financial Instruments.
09-01-23 :
FASB To Re-expose Amended Proposal On Fin. Instruments Disclosures; Effective 1Q-09
On Jan. 23, 2009 FASB voted to reexpose an amended version of Proposed FSP FAS 107-a, Disclosures About Certain Financial Instruments, which was originally proposed on Dec. 24, 2008. The amended proposal will have a 30 day comment period.
09-01-07 :
FASB Votes To Finalize FSP On Impairment, Plus Reminder Of Existing Guidance
On Jan. 7, 2009 FASB voted to finalize an FSP incorporating certain changes based on comment letters received - based on proposed FSP EITF 99-20-a, Amendments to Impairment and Interest Income Measurement Guidance of EITF Issue 99-20.
08-12-01 :
president`s page: december 08
08-11-26 :
FASB-IASB Roundtable On Accounting Issues In Financial Crisis
On Nov. 25, 2008 the FASB and the IASB held the second in their series of three joint roundtables on accounting issues arising in the financial crisis.
08-11-26 :
FEI CCR, U.S. Chamber CCMC File Joint Comment Letter With FASB On Fair Value
On Nov. 25, 2008, a comment letter was sent to the FASB by FEI’s Committee on Corporate Reporting (“CCR”) and the U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness (“CCMC”), relating to FAS 157, Fair Value Measurement.
08-11-25 :
ABA Letter To Paulson Says SEC Should Take Immediate Action On Fair Value
On Nov. 25, 2008, the American Bankers Association sent a letter to the U.S. Treasury Secretary Henry M. Paulson, asking that immediate action be taken by the SEC to combat the procyclical effects of mark-to-market accounting,
08-11-23 :
FEI CFRI Conference Features Panel On Fair Value
Fair value accounting was the subject of a breakfast panel at Financial Executives International’s (FEI’s) Current Financial Reporting Issues conference on Nov. 18, 2008. The panel, presented by SmartPros Ltd., featured Kenneth N. Goldmann of J.H. Cohn LLP, and Michael R. Young of Willkie Farr & Gallagher, and Colleen Cunningham of Resources Global Professionals.
08-11-21 :
Highlights From SEC Roundtable On Mark-to-Market Accounting
Following are highlights from the SEC's Nov. 21, 2008 roundtable on mark-to-market (fair value) accounting. The roundtable, the second of two, is being conducted to provide feedback (along with comment letters) on SEC's Congressionally mandated study of mark-to-market accounting.
08-11-20 :
Panelists Announced For SEC Forum On Small Business, Roundtable On Mark-To-Market
The SEC announced the panelists and agendas for its Nov. 20 Government-Business Forum on Small Business Capital Formation and its Nov. 21 Roundtable on Mark-to-Market Accounting.
08-11-19 :
FEI Current Financial Reporting Issues Conference, Hall of Fame Summary
Financial Executive's editors distill some key facts from speakers at the two-day CFRI conference in NYC.
08-11-01 :
financial reporting : november 08
08-11-01 :
president`s page: november 08
There’s no doubt that today’s financial executives are facing unprecedented change. This is all the more evident in the events in U.S. financial history that we witnessed during September and October.
08-10-31 :
IASB Publishes Final Report Of Expert Advisory Panel On Fair Value
On Oct. 31, 2008 the IASB published the final Report of its Expert Advisory Panel on “Measuring and disclosing the fair value of financial instruments in markets that are no longer active.”
08-10-29 :
Highlights of SEC Roundtable on Mark-To-Market Accounting
On Oct. 29, 2008 the SEC convened a roundtable on mark-to-market (fair value) accounting. Highlights follow.
08-10-28 :
FAF Urges SEC To Reject Calls To Overturn FASB Standards
In a letter dated Oct. 27, 2008, FAF Chairman Robert Denham wrote to SEC Chairman Christopher Cox, asking the SEC to reject calls to overturn FASB standards.
08-10-28 :
SEC Announces Panelists, Agenda For Oct. 29 Mark-To-Market Roundatble
On Oct. 27, 2008 the SEC announced the panelists and agenda for its October 29 roundtable on mark-to-market accounting
08-10-21 :
Global Advisory Group Forming To Advise FASB, IASB On Issues Related To Credit Crisis
On Oct. 20, 2008 FASB and the IASB announced they will rapidly form a high level global advisory committee whose meetings will be public and webcast, to advise them on accounting issues relating to today’s credit markets.
08-10-14 :
SEC Seeks Comment on Mark-To-Market Accounting; Roundtable Oct. 29
As part of its congressionally mandated study of mark-to-market (fair value) accounting, the SEC is holding a roundtable on Oct. 29 and posted a related Request for Comment.
08-10-10 :
FASB Plans To Issue Final FSP On Fair Value ‘Today or Tomorrow’
At its October 10, 2008 board meeting, FASB discussed comments received on Proposed FSP FAS 157-d on fair value in inactive markets, and voted to proceed with issuing a final FSP, and staff said they expect to be able to issue it 'today or tomorrow.'
08-10-10 :
FASB Releases Final FSP FAS 157-3 On Fair Value In Inactive Markets
On Oct. 10, 2008 FASB released final FSP FAS 157-3, “Determining the Fair Value of a Financial Asset When the Market for That Asset is Not Active."
08-10-10 :
Detailed Summary of FASB Board Meeting
Following is a detailed summary of discussion that took place at FASB's October 10, 2008 board meeting at which it discussed comments received on Proposed FSP FAS 157-d and voted to issue a final FSP on fair value in inactive markets.
08-10-09 :
FEI Committee on Corporate Reporting Comments On FASB Fair Value Proposal
FEI’s Committee on Corporate Reporting (CCR) filed a comment letter on October 9, 2008 in response to the Financial Accounting Standards Board’s Proposed FASB Staff Position (FSP) FAS 157-d.
08-10-08 :
FEI Issues Statement Commending Response To Credit Crisis
On October 8, 2008, Financial Executives International (FEI) issued a statement in response to the credit crisis.
08-10-03 :
FASB Releases Proposed FSP On Fair Value; Comments Due Oct. 9
On Oct. 3, 2008 FASB released Proposed FSP FAS 157-d, Determining the Fair Value of a Financial Asset in a Market That Is Not Active.
08-10-03 :
President Bush Signs Sweeping Financial Rescue Plan After House Passage
By a vote of 263-171, on Oct. 3, 2008, the House of Representatives voted to concur with the Senate version of the financial rescue bill, The Emergency Economic Stabilization Act of 2008.
08-10-01 :
SEC-FASB Issue Joint Guidance On Fair Value Accounting
On Sept. 30, 2008, the SEC and FASB jointly issued guidance on use of fair value accounting in inactive markets. Separately, FASB voted on October 1 to propose further guidance in the form of an example(s).
08-10-01 :
Senate Passes Financial Rescue Bill – EESA, Goes To House Next
On Oct. 1, 2008 the U.S. Senate passed the Emeregency Economic Stabilization Act of 2008, a bill aimed at rescuing the financial markets and the broader economy from the current market turmoil. The next step is to go to the House for approval; a voted is expected by Fri., Oct. 3.
08-09-29 :
Emergency Economic Stabilization Act Awaits Congressional Vote
Congress is set to vote this week on the Emergency Economic Stability Act of 2008 (EESA). Mark-to-market accounting provisions are mentioned in the bill.
08-09-28 :
Sections 132, 133 Of Emergency Economic Stability Act of 2008
Mark-to-market (MTM) accounting – also called fair value accounting - is addressed in Sections 132 and 133 of the Emergency Economic Stability Act of 2008 (EESA).
08-09-26 :
FASB Appoints New Board Member-Marc Siegel; More FASB News
On Sept. 26, 2008 the Financial Accounting Foundation which oversees the Financial Accounting Standards Board announced the appointment of a new FASB board member: Marc A. Siegel
08-09-26 :
Treasury Advisory Committee On Auditing Profession (ACAP) Issues Final Report
On Sept. 26, 2008 the U.S. Treasury Department’s Advisory Committee on the Auditing Profession (ACAP) voted to release its Final Report.
08-09-24 :
American Bankers Association Asks SEC To Provide Immediate Guidance On Fair Value
08-09-23 :
Bernanke Tells Senate: Auction Will Help Facilitate Held-To-Maturity Vs. Fire Sale Price
At a Senate Banking hearing on Sept. 23, 2008, Federal Reserve Board Chairman Ben Bernanke advocated against suspending mark-to-market accounting, but noted he believes Treasury's proposed auction process for subprime securities would help determine a held-to-maturity vs. fire sale value.
08-09-16 :
IASB Posts Draft Report on Fair Valuing in Illiquid Markets, Seeks Feedback By Oct. 3
On Sept. 16, 2008, the IASB published: “Draft Report of the [IASB] Expert Advisory Panel: Measuring and Disclosing the Fair Value of Financial Instruments in Markets That Are No Longer Active
08-09-08 :
FASB To Hold Webcast On Applying FAS 157, Fair Value Measurement
08-04-16 :
G-7, Endorsing FSF Recommendations, Asks IASB, Others, To Act Within 100 Days
The G-7 issued a joint statement supporting the Financial Stability Forum's recommendations, calling for certain actions within 100 days.
08-04-16 :
FASB Discusses Revenue Recognition, Off-Balance Sheet, Fair Valuing Liabilities
Following is a summary of FASBs April 9, 2008 board meeting at which it discussed revenue recognition, off-balance sheet, and fair valuing liabilities.
08-04-11 :
Q&A With Michael Young, Willkie Farr & Gallager, On Fair Value Accounting
08-04-11 :
IMF, IIF Issue Reports, Recommendations In Response To Market Turmoil
08-04-07 :
SEC Posts Sample Letter Outlining Requirements For Fair Value Disclosures In MD&A
08-03-31 :
FASB, IASB Seek Comment On: Reducing Complexity In Reporting Financial Instruments
08-03-21 :
Articles On Subprime Crisis, Market Turmoil That Mention Accounting
This webpage has been posted to provide detail for a blog posting on March 24. It may also be linked into FEI express or other news summaries.
08-03-19 :
IASB Seeks Comment On Reducing Complexity In Reporting Financial Instruments
08-03-19 :
Summary of IASB Discussion Paper: Reducing Complexity in Reporting Financial Instruments
08-02-21 :
Proposed FASB Staff Positions 157-c
08-02-01 :
FASB Issues Final Guidance Delaying FIN 48 For Private Cos.; More FASB Highlights
FASB issued final guidance on the deferral of the effective date of FIN 48 (Accounting for Income Taxes) for private companies. Highlights of this and other current FASB news follow.
08-01-22 :
FASB Releases Proposed FSP FAS 157-c, 'Measuring Liabilities Under FAS 157'
On January 18, 2008, FASB released proposed FSP No. FAS 157-c, “Measuring Liabilities under FASB Statement No. 157.” The proposed FSP relates to FAS 157, “Fair Value Measurement."
08-01-08 :
CCR supports the two proposed FSPs related to FAS 157 (FSP FAS 157-a and FSP FAS 157-b)
CCR supports the two proposed FSPs related to FAS 157 (FSP FAS 157-a and FSP FAS 157-b)
07-12-21 :
FEI CEO's 2008 Top Challenges For Financial Executives
FEI CEO's 2008 Top Challenges for Financial Executives
07-12-13 :
FEI CEO's Top Challenges For Financial Executives In 2008
07-12-10 :
PCAOB Issues Audit Practice Alert On Fair Value, Specialists
On Dec. 10, 2007, the Public Company Accounting Standards Board (PCAOB) issued Audit Practice Alert (APA) No. 2, entitled “Matters Relating to Auditing Fair Value Measurements and the Use of Specialists.”
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