IIJ Announces First Three Months Financial Results for the Fiscal Year Ending March 31, 2010 Aug 11, 2009
" 1st Quarter FY2009 Financial Results Summary Operating Results Summary --------------------------------------------------------------------- 1Q08 1Q09 YoY % change --------------------------------------------------------------------- JPY JPY millions millions Total Revenues 16,328 15,835 (3.0%) --------------------------------------------------------------------- Connectivity and Outsourcing Services 8,396 9,126 8.7% --------------------------------------------------------------------- SI... (Primezone Releases)
Freddie Mac Releases Second Quarter 2009 Financial Results Aug 8, 2009
2 billion for the second quarter of 2009, reflecting the April 1, 2009 adoption of FASB Staff Position No. FSP FAS 115-2 and FAS 124-2, "Recognition and Presentation of Other-Than-Temporary Impairments" (FSP FAS 115-2 and FAS 124-2). See "Adoption of FSP FAS 115-2 and FAS 124-2" below for further information. (PR Newswire)
First Industrial Realty Trust Reports Second Quarter 2009 Results Aug 5, 2009
a) On January 1, 2009, the Company adopted newly issued guidance from the Financial Accounting Standards Board ("FASB") regarding business combinations ... d) Accounting for discontinued operations issued by the FASB requires that the operations and gain (loss) on sale of qualifying properties sold and properties that are classified as held for sale be presented in discontinued operations ... f) Pursuant to guidance issued by the FASB regarding the calculation of earnings per share, the diluted... (PR Newswire)
NYMAGIC, INC. Reports 2009 Second Quarter Results Aug 4, 2009
Effective April 1, 2009, the Company adopted a new accounting standard promulgated by the FASB (FSP FAS 115-2), which applies to the Company's investment portfolio. The Company's total stockholders' equity was unchanged by adopting this new accounting standard. (PR Newswire)
GMX Resources Inc. Announces Letter of Intent With Kinder Morgan for Interest in Pipeline; Reports Second Quarter 2009 Financial and Operating Results and Guidance; and Announces Resolution of SEC Comment Letter Aug 4, 2009
" GMXR Second Quarter 2009 Earnings Conference Call GMXR has scheduled a conference call for Tuesday, August 4, 2009 at 10:00 a.m. CDT (11:00 a.m. EDT) to discuss second quarter 2009 financial and operating results. To access the call, dial 877.795.3647 or 719.325.4907 before the call begins. A replay of the call will be available after 2:00 PM, August 4, 2009. To access the replay, please dial 888.203.1112 or 719.457.0820 and reference passcode 1340685. The corporate presentation being used for... (Primezone Releases)
Regal Beloit Reports Second Quarter Results Aug 4, 2009
(Note: prior year financial results have been adjusted to reflect the impact of the change in accounting for the Company's convertible senior subordinated notes as prescribed in FASB Staff Position APB 14-1: Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement), which reduced second quarter 2008 diluted earnings per share by $0 ... The Company adopted Financial Accounting Standards Board ("FASB") Staff Position ("FSP") No. APB... (PR Newswire)
A New Bull: Resilient Capitalism Pushes Back Aug 1, 2009
And the banks will earn their way out of their toxic-asset problems provided the nerds at the Financial Accounting Standards Board (FASB) don't resurrect mark-to-market accounting and force immediate distressed-market write-downs. Does this bull have long legs. (Investors Business Daily)
Zilog Announces First Quarter Fiscal 2010 Financial Results Jul 31, 2009
In accordance with FASB No. 144, the comparative financial statements for its first fiscal quarter ended June 28, 2008 have been restated to reflect these sold businesses as discontinued operations. GAAP net income for the fiscal first quarter ended June 27, 2009 was $0. (PR Newswire)
Schapiro Is Said to Consider Kroeker, Ciesielski as SEC's Chief Accountant Jul 30, 2009
The fight came to a head at a March 12 hearing when lawmakers warned Kroeker and FASB Chairman that Congress would amend the rules to make them more favorable to banks if regulators failed to act. Norwalk, Connecticut-based FASB, which writes U.S. accounting standards and is overseen by the SEC, approved rules two weeks later that let companies use significant judgment in gauging the value of investments such as mortgage securities. (Bloomberg -- US)
Kirby Corporation Announces 2009 Second Quarter Results Jul 30, 2009
2 (1) Effective January 1, 2009, Kirby adopted FASB Staff Position No. EITF 03-6-1 "Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities," ("FSP EITF 03-6-1") which requires unvested share-based payment awards with non-forfeitable rights to receive dividends or dividend equivalents (whether paid or unpaid) to be considered participating securities for the purposes of applying the two-class method of calculating earnings per share. Accordingly,... (PR Newswire)
- Voice: Paper profit is a fraud 0 Jul 30, 2009
An economics and law professor, William Black, at University of Missouri, points out that there has been a change of accounting rules by the private, non-profit watchdog organization called the Financial Accounting Standards Board (FASB). For eight decades it required a bank holding a mortgage to list the value of the house at its actual market value known as mark-to-market, on the news from January through March then the term stopped being used. (El Centro Imperial Valley Press, CA)
Credit Crisis: Don't Blame Accounting Rules Jul 29, 2009
The two dissenting voters on the five-member board said at that time the FASB was pressured by Congress to make the change. The advisory group said in the report that regulators should not be able to dictate specific rules that are established by two main accounting boards that oversee standards, FASB in the U.S. and the International Accounting Standards Board overseas. (BusinessWeek)
HF Financial Corp. Annual Earnings Per Share Increase 11.0 Percent and Announces Quarterly Dividend Jul 28, 2009
The Financial Accounting Standards Board (FASB) issued additional guidance as to how to account for impaired investments as well as determining the fair value of these securities in an inactive market. In accordance with this guidance, the company has attempted to determine fair value of these securities were they sold at the end of the quarter in an orderly transaction that was not a forced liquidation or a distressed sale. (PR Newswire)
Levin, McCain introduce bill Jul 24, 2009
These rules, which took effect in 2005, were the result of more than 15 years of work by the Financial Accounting Standards Board (FASB) to devise a fair and accurate method for calculating stock option expenses. Prior to that action by the FASB, stock options were treated by most companies as having no value on their books. (Dowagiac News, MI)
Sun American Bancorp Reports Second Quarter 2009 Results Jul 24, 2009
The primary change to the methodology was to shorten the measurement period used in determination of the historic loss component of the FASB Statement No. 5, Accounting for Contingencies, loan pool calculation from three years to eighteen months ... This change in accounting estimate was applied prospectively in accordance with FASB Statement No. 154, Accounting Changes and Error Corrections. (Primezone Releases)
Tupperware Brands Reports Strong Second Quarter 2009 Sales, Profit and Cash Flow; Raises Full Year Earnings Per Share Guidance Jul 23, 2009
2008 Basic and Diluted earnings per share has been recast to conform with FASB Staff Position EITF 03-6-1, Determining Whether Instruments Granted in Share-Based Payment Transactions are Participating Securities ... 1 ==== ==== ==== (1) Refer to Non-GAAP Financial Measures section of attached release for description of the general nature of adjustment items (2) Represents income tax impact of adjustments (3) 2008 restated at current currency exchange rates * Basic and Diluted earnings per share... (PR Newswire)
Accountants Gain Courage to Stand Up to Bankers Jul 23, 2009
And this time, its the FASB that has come out swinging ... Now the FASB says it may the use of fair-market values on corporate income statements and balance sheets in ways it never has before ... They know they screwed up, and they took action to correct for it, says , a partner at New York investment manager Jupiter Advisors LLC and a member of the FASBs. (Bloomberg -- Columnists)
DST Systems, Inc. Announces Second Quarter 2009 Financial Results Jul 23, 2009
In August 2008, the FASB issued a revised exposure draft on a proposed accounting standard that would amend SFAS 128, Earnings per Share, to clarify guidance for mandatorily convertible instruments, the treasury stock method, contingently issuable shares, and contracts that may be settled in cash or shares ... In April 2009, the FASB decided to pause the Earnings Per Share project and resume discussion towards the end of 2009 ... DST is continuing to monitor the FASB's progress towards... (PR Newswire)
Arkansas Best Corporation Announces Second Quarter 2009 Results Jul 22, 2009
30 (1) Effective January 1, 2009, the Company adopted FASB Staff Position No. EITF 03-6-1, Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities, which required retrospective adjustment of earnings per share for prior periods. ARKANSAS BEST CORPORATION CONSOLIDATED BALANCE SHEETS June 30 December 31 2009 2008 (Unaudited) Note ($ thousands, except share data) ASSETS CURRENT ASSETS Cash and cash equivalents $62,318 $100,880 Short-term investment... (PR Newswire)
Boston Scientific Announces Results for Second Quarter Ended June 30, 2009 Jul 21, 2009
BOSTON SCIENTIFIC CORPORATION NON-GAAP NET INCOME AND NET INCOME PER COMMON SHARE RECONCILIATIONS (CONT.) (Unaudited) Three Months Ended Six Months Ended (in millions) June 30, June 30, ---------------------------- ------------------ ------------------ 2009 2008 2009 2008 ------------------ ------------------ Intangible asset impairment charges: Intangible asset impairment charges $10 $10 Income tax benefit (a) (2) (2) ------------------ ------------------ Intangible asset impairment charges,... (PR Newswire)
Wells Fargos unique capital buffer plan hinges on high earnings Jul 16, 2009
4bn gain from reduced markets as a result of a more lenient FASB ruling, Sterne Agee analyst Adam Barkstrom said. Barkstrom said he expects Wells to book one-time gains where possible in the second and third quarters to bolster earnings. (FT.com -- Markets)
Accounting Board's Lobbyists Stress Independence Jun 26, 2009
The FASB's parent this spring hired Ks, a big law and lobbying firm ... Robert Herz, who has been FASB chairman since 2002, is addressing the National Press Club for the first time Friday ... It's "great" that FASB is pushing the message of its political independence in Washington, but the impact likely will be a drop in the bucket against the banking industry, said Michael Granof, an accounting professor at the University of Texas. (ABC News -- Wire)
C&D Technologies Reports First Quarter Results Jun 5, 2009
Among the impacts of the new accounting standards, the adoption of FASB Staff Position APB 14-1 required the Company to recognize and accrue as a period cost $798,000 of non-cash interest expense associated with the Company's outstanding convertible notes ... 00) (1) Certain items have been adjusted on these statements to reflect changes as required to present retroactive adoption of new accounting standards, Statement of Financial Accounting Standards No. 160, "Non- controlling interests in... (PR Newswire)
Bankruptcy: The healthcare connection Jun 5, 2009
" Because we are simultaneously less confident and more confident about the future. Seems kind of hard to draw any definitive conclusion from that analysis. Andrew Leonard Wednesday, June 3, 2009 08:22 PDT As presented in a (publicly accessible) blockbuster Wall Street Journal article today, the case is clear. The financial industry, eager for changes in accounting rules that would boost their balance sheets, lobbied Congress intensively. In a rare display of bipartisan amity, both Democrats and... (Salon)
Drinking to Excess Is Banking's Hangover Cure Jun 5, 2009
A similar coalition wrote to FASB the same day, also asking for a postponement of the rule changes ... In the debate over the use of market values, banks -- after greasing plenty of palms on Capitol Hill -- used Congress to browbeat FASB into changing these so-called mark-to-market rules, as the Wall Street Journal earlier this week ... After Enron Corp.s implosion, FASB tried to curtail off- balance-sheet abuses. (Bloomberg -- Columnists)
Greenpeace's secret anti-palm oil agenda Jun 4, 2009
In early April, the FASB acquiesced to Congress' clear directive, for the banks to goose their first quarter earnings ... That triggered a backlash within FASB. At a meeting of a FASB advisory group in New York on April 28, three of its members threatened to resign in protest, concerned that FASB had jeopardized its credibility ... Lynn Turner, the SEC's former chief accountant and a former FASB member, was one of them. (Salon)
Closing the gap on fair value measurement May 30, 2009
"They are important because fair value is a concept which has quite widespread use in IASB standards and to a lesser extent in FASB standards. People will be reassured to know that everyone is heading the same general direction", he said. ConsistencyIn an effort to create consistency between IFRS and US generally accepted accounting principles (GAAP), the proposals incorporate the US financial accounting standards board (FASB) guidance on fair value measurement ... The project is part of a... (Accounting Web, UK)
Freebasing in Caymans Would Be a Banker's Dream: Jonathan Weil May 22, 2009
After the FASBs latest cave-in, for example, U.S. Representative , ranking Republican on the House Financial Services Committee, last month called for new congressional , saying that questions remain as to the ultimate effectiveness of the fair-value accounting revisions. Meanwhile, some European finance ministers the IASB hasnt done enough to match the FASBs changes ... Lets say your company would show earnings of two to three bucks a share under FASB or IASB rules, and $5 under... (Bloomberg -- Columnists)
FASB Tightens off-Balance-Sheet Loan Rules May 19, 2009
FASB ending device that kept loans off banks' balance sheets without disclosure, capital ... The Financial Accounting Standards Board said the rule change was intended "to improve consistency and transparency in financial reporting." The FASB voted to adopt it at a public meeting of its five-member board at its headquarters in Norwalk, Conn ... The change by FASB cuts in the opposite direction of its move last month surrounded by controversy and with some dissension by board members giving... (ABC News -- Wire)
EuroBancshares, Inc. Reports Earnings for the First Quarter Ended March 31, 2009 May 12, 2009
In April 2009, the FASB issued Staff Position ("FSP") No. 115-2, Recognition and Presentation of Other-Than-Temporary Impairments, which amends existing guidance for determining whether impairment is other-than-temporary for debt securities, and FSP No. 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset and Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly. The FSP No. 115-2 requires an entity to assess whether it intends to... (PR Newswire)
MI Developments announces 2009 first quarter results May 8, 2009
Business Combinations In December 2007, the Financial Accounting Standards Board ("FASB") issued Statement of Financial Accounting Standards No. 141(R), "Applying the Acquisition Method" ("SFAS 141(R)"), which modifies the accounting for business combinations occurring in fiscal years commencing after December 15, 2008 ... - In order to accrue for a restructuring plan in purchase accounting, the requirements in FASB Statement of Financial Accounting Standards No. 146, "Accounting for Costs... (Canada Newswire)
Bridging the GAAP: FASB chairman digests possible changes to accounting rules May 8, 2009
for free extra services. Subscribe to The Business Journal. (Business Journal of the Greater Triad Area)
EPCOR Announces Quarterly Results May 8, 2009
As permitted by Canadian GAAP, the Company is applying the U.S. Financial Accounting Standards Board (FASB) standard, Statement of Financial Accounting Standards No. 71 - Accounting for the Effects of Certain Types of Regulation (SFAS 71), which provides guidance for the recognition and measurement of rate-regulated assets and liabilities. These amendments and adoption of the SFAS 71 guidance effective January 1, 2009, did not have a material impact on our interim consolidated financial... (Canada Newswire)
FASB head urges decision on IFRS May 7, 2009
Convergence between the US GAAP system and International Financial Reporting Standards could take three to five years, said Robert Herz, chairman of the Financial Accounting Standards Board (FASB) ... He added that while the FASB is working with international lawmakers in London to continue convergence, any timetable would rely on receiving more public support: "I think the SEC needs to do a very thorough study from a public policy point of view of the impacts on our financial system and our... (Accounting Web, UK)
Aussie banks face profit hit next year May 5, 2009
A decision by the London-based IASB is likely to follow that of the US Financial Accounting Standards Board (FASB) and is expected from mid-2010, Angus Thomson, technical director of the Australian Accounting Standards Board (AASB) said ... Professor Neal Stoughton, head of banking and finance at the University of New South Wales Australian School of Business, agreed the FASB rule will likely be adopted in Australia. (Sydney Morning Herald -- Business)
Mark-to-Market takes Precedence in ... Apr 30, 2009
The group was established by and receives staff support from the two global accounting standard setting authorities - the London-based International Accounting Standards Board (IASB) and US-based Financial Accounting Standards Board (FASB) ... He said the IASB and FASB were working together on a comprehensive proposal to be released later this year which would streamline financial reporting - particularly valuation and off-balance sheet standards which were in critical need of improvement ...... (Suite101.com)
IFRS convergence on track in US Apr 30, 2009
The IASB and the US Financial Accounting Standards Board (FASB) have agreed to complete 11 major joint projects by 2011 to improve and converge major areas of accounting such as revenue recognition and pension accounting. In recent months the two bodies have mainly focused on mark-to-market accounting issues, but the project remains on track for a timely completion said IASB's Tom Jones. (Accounting Web, UK)
BioMed Realty Trust Reports First Quarter 2009 Operating and Financial Results Apr 30, 2009
Financial information for the current and, where applicable, prior periods has been presented to reflect the application of the following new accounting guidance adopted by the company effective January 1, 2009: FASB Staff Position APB 14-1 "Accounting for Convertible Debt That May be Settled Upon Conversion (Including Partial Cash Settlement)"; Statement of Financial Accounting Standard No. 160 "Noncontrolling Interests in Consolidated Financial Statements - An Amendment of ARB No. 51"; and... (PR Newswire)
Massey Energy Reports First Quarter 2009 Operating Results Apr 29, 2009
66 ====== ====== ====== Note 5: On January 1, 2009, the Company adopted Financial Accounting Standards Board ("FASB") Staff Position ("FSP") Accounting Principles Board ("APB") 14-1, "Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)" (FSP APB 14-1") for the 3.25% Notes issued in August 2008. This FSP indicated that convertible debt instruments that may be settled in cash upon conversion, including partial cash settlement,... (PR Newswire)
Albemarle Reports First Quarter 2009 Results Apr 28, 2009
(c) As adjusted due to the implementation of FASB Staff Position No. EITF 03-6-1, "Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities," which was effective for financial statements issued for fiscal years beginning after December 15, 2008 and requires retrospective application. Basic and diluted earnings per share each decreased one cent as a result of an increase in our basic and diluted weighted-average common shares outstanding of... (PR Newswire)
Transcript of a Press Conference on the Spring 2009 Global Financial Stability Report, IMF Apr 28, 2009
The question is: U.S. Congressman Kucinich and others have suggested that the recent spate of good news for major U.S. banks may be a result of the FASB ruling to change the mark-to-market rule. Can you comment on this. (IMF News)
The great crash of the "Chicago school" of economics Apr 28, 2009
That would include the weakening of mark-to-market accounting rules recently announced by the FASB, and would, on first glance, seem to offer the banks a way to whitewash potential liabilities. But later, the white paper states that the new FASB guidance was only incorporated for the baseline scenario ... "However, for the more adverse scenario, in order to reflect greater uncertainty about realizable losses in stressful conditions, supervisors did not incorporate the new FASB guidance.". (Salon)
TALF Needs Chaperon Before Investors Will Dance: Caroline Baum Apr 16, 2009
FASB changed the rules. At least Frank can say hes following precedent. (Bloomberg -- Columnists)
Crown Holdings Reports First Quarter 2009 Results Apr 16, 2009
Weighted average diluted common shares outstanding for 2008 have been retrospectively adjusted in compliance with FASB Staff Position (FSP) No. EITF 03-6-1, "Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities" and certain 2008 expenses have been reclassified for comparative purposes. Consolidated Supplemental Financial Data (Unaudited) (in millions) Reconciliation from Gross Profit to Segment Income The Company views segment income, as... (PR Newswire)
Wells Fargo's Profit Looks Too Good to Be True Apr 16, 2009
One week before Wellss earnings news, the FASB caved to pressure by the banking industry and passed new rules that let companies ignore large, long-term losses on the debt securities they own when reporting net income. Wells didnt say what its first-quarter earnings would have been without the rule change, which companies can apply to their latest quarterly results. (Bloomberg -- Columnists)
Wall Street in Wells Fargo Moment as Obama Stress Tests Earnings Euphoria Apr 14, 2009
The question is how regulators are going to deal with the kind of FASB-adjusted earnings that were going to see, which are going to look very rosy, but will of course be completely non-cash, said Joseph Mason, an associate professor at Louisiana State University in Baton Rouge who previously worked at the Treasurys Office of the Comptroller of the Currency ... Changes to fair-value, or mark-to-market accounting rules approved by FASB on April 2 allow firms to use significant... (Bloomberg)
Banks and accounting standards: Messenger, shot Apr 11, 2009
On April 2nd, after a bruising encounter with Congress, America s Financial Accounting Standards Board (FASB) rushed through rule changes ... Bob Herz, the FASB s chairman, decried those who impugn our motives ... The FASB and IASB have been exactly that, cleaning up rules on stock options and pensions, for example, against hostility from special interests. (The Economist)
Bankers get a model rush Apr 9, 2009
In 1973, the accounting industry's American Institute of Certified Public Accountants, recognizing the danger that accounting by standards of hopeful wishes might eventually pose to the image and credibility of the accounting profession, united two previously independent accounting self-regulatory bodies into the new Financial Accounting Standards Board (FASB). Following on that, the US Securities and Exchange Commission accepted FASB as the organization responsible for setting accepted... (Asia Times Online)
On Financial Reporting Rules A step toward honest accounting Apr 8, 2009
Succumbing to political pressure, the Financial Accounting Standards Board (FASB) agreed to water down an important rule known as "mark-to-market" accounting ... Still, they convinced Congress that the rules were the problem, and Congress then leaned heavily on FASB. FASB proceeded to destroy its own credibility as an independent board, and all for a pitiful ruling that will, in the words of the Investors' Working Group, "reduce the free flow of transparent and reliable financial information ...... (San Francisco Chronicle -- Opinion)
Foolishness not limited to April 1 Apr 8, 2009
Due to the change in FASB rules that the Congress has now pushed through, the banks holding the valueless assets can say that instead of their being worth nothing, their true market value, they are worth whatever the banks say they are worth, and the government or its clients can buy them at that price. April Fool. (Pittsburgh Post-Gazette, PA)
Banks press accounting body to adopt U.S. rules Apr 8, 2009
Last week's changes by the U.S. Financial Accounting Standards Board (FASB) would conflict with those international standards, he said ... FASB originally published its changes in March ... Indeed, U.S. bank analysts and even some major bank executives say the FASB amendments may not have a major impact. (Globe and Mail)
MARK TO MAYHEM Apr 6, 2009
Pitt and others reacted after the Financial Accounting Standards Board (FASB) voted to exclude banks from having to mark the value of their assets to market prices ... "The market's reaction to the FASB mark-to-market vote is completely overblown, and the benefits from these 'changes' will have very little impact on financial institutions' accounting practices," said Paul J. Miller, an analyst at Friedman, Billings, Ramsey ... "It hurts the PPIP to the extent that banks mark up their assets... (New York Post -- Business)
Taxpayers' money for toxic assets? Apr 4, 2009
"It might make some banks less willing to enter transactions if it were shown that the exit values they estimated were higher than they can actually realize," said Dennis Beresford, an accounting professor at the University of Georgia in Athens, and a former FASB chairman. Regardless of how TARP recipients say they are using their bailout money, the perception will likely be that their participation in PPIP comes at the expense of what they should be doing more of in the first place: lending. (India Times)
Global markets hand back G20 gains Apr 4, 2009
"For now, stocks are giving the FASB fix the thumbs up... The profits of US banks and brokers for the first quarter will get an artificial boost. But not the profits of banks anywhere else in the world. This is certainly another victory for the obfuscators," Societe Generale said in a note to clients. The FTSEurofirst 300 index fell 0. (Business Report, South Africa)
Banks Get New Leeway in Valuing Assets Apr 4, 2009
Another change approved by the FASB will force banks to disclose the impact of the new reporting rules, though the extent of the disclosures remains to be seen. Source: New York Times, Floyd Norris (04/03/2009). (Realtor Magazine Online)
Mark-to-market accounting rule loosened Apr 4, 2009
After months of discussions, Congressional pressure, and an SEC investigation that concluded mark-to-market assessments didn t cause the financial meltdown, FASB nevertheless voted yesterday to allow companies more discretion in how they account for distressed assets ... But FASB s announcement should make it easier for companies, such as those with a portfolio of start-up ventures, to give a more long-range perspective to the value of their assets. (Pittsburgh Business Times, PA)
The $700 billion bailout inside story Apr 4, 2009
" If so, the "reporting entity" is then allowed more flexibility in how to cook its books. After evaluating all factors and considering the significance and relevance of each factor, the reporting entity shall use its judgment in determining whether the market is active. Italics mine. Now, a legitimate argument can be made that the changes enacted by the FASB in 2006 might have gone a little overboard and resulted in exerting an undue amount of extra pressure on the banking sector. If we could... (Salon)
Relaxed accounting rules will help banks Apr 3, 2009
Ideally it would have been better for the government-backed program to have been started up and producing some lift to prices before FASB made its move, Allon said. Joshua Shapiro, chief U.S. economist at MFR Inc., was more blunt, saying the FASB decision allows financial institutions to use fictional valuations on many of their toxic assets and further obscures their true position ... The FASB boards action helped fuel a buying surge on Wall Street, lifting the Dow Jones... (MSNBC -- Business)
Do you remember the great oil shock of 2008? Apr 3, 2009
Now, a legitimate argument can be made that the changes enacted by the FASB in 2006 might have gone a little overboard and resulted in exerting an undue amount of extra pressure on the banking sector. If we could be confident the the new rules are a smart refinement of existing regulations that represent an improvement in the status quo we could all sleep easy. (Salon)
Banks may boost profits under new rules Apr 3, 2009
The move follows the United States Financial Accounting Standards Board (FASB) voting unanimously to soften its mark-to-market valuation rules, which has spurred a global rally in banking stocks ... AASB acting chairman and Deloitte partner Bruce Porter said the London-based IASB, which sets accounting standards for Australia, would probably move reluctantly on the issue to achieve consistency with FASB's decision ... National head of banking at accounting firm KPMG Andrew Dickinson says he... (Sydney Morning Herald -- Business)
Mark-to-market accounting changes 'long overdue' Apr 3, 2009
Changes to fair-value, or mark-to-market accounting, approved by FASB yesterday allow companies to use significant judgment in gauging prices of some investments on their books, including mortgage-backed securities ... "Good decision," Citigroup chairman Richard Parsons said of FASB's move ... House Financial Services Committee members pressed FASB chairman Robert Herz at a March 12 hearing to revise fair-value, which requires banks to mark assets each quarter to reflect market prices, saying... (Sydney Morning Herald -- Business)
Regulation: Making Market Sense Apr 3, 2009
Apparently, markets feel that way too after FASB announced it would be repealed, stocks soared Thursday ... The change of heart from FASB on mark-to-market was largely due to Congress. (Investors Business Daily)
Banks get big break on accounting rules Apr 3, 2009
Ideally it would have been better for the government-backed program to have been started up and producing "some lift" to prices before the FASB made its move, Allon said. Joshua Shapiro, chief U.S. economist at MFR Inc., was more blunt, saying the FASB decision "allows financial institutions to use fictional valuations on many of their toxic assets" and further obscures their "true position.". (OregonLive, OR -- Business)
Mark-to-Market Rule Gives More Clarity, Not Less Apr 3, 2009
A writedown might still be required under the changes FASB approved yesterday ... FASB wisely backed away from a tentative to allow auditors to assume that limited trades in an inactive market were always distressed sales ... Now FASB has to deal with how banks deal with recoveries of previous writedowns due to other-than-temporary-impairment losses when theres evidence that loss is no longer there. (Bloomberg -- Columnists)
Rules made for breaking Apr 3, 2009
Agreeing that it would be much better if financial firms could just decide for themselves what difficult-to-value items on their balance sheet are worth if the price for similar assets in the market isn't satisfactory to them, FASB voted to grant Imaginationland powers to anyone with a balance sheet. Glynn W from Canada writes: Is this reflective of the "tighter regulations" our dear leaders are talking about. (Globe and Mail)
