Of the types of information required to be disclosed by public companies, information about “contingencies” is often one of the more sensitive disclosures for the company and may be closely scrutinized by analysts and...more
In this Issue: - FASB Proposes Granting Banks Flexibility to Value Financial Assets - Committee Urges Easing of Basel Rules on Small Banks, Insurers - Banks' College Campus Marketing Efforts Probed by CFPB -...more
On January 15, 2013, the Financial Accounting Standards Board (FASB) issued a Proposed Accounting Standards Update (the "proposed ASU") that eliminates the distinction between repurchase agreements that settle before the...more
The Financial Accounting Standards Board (FASB) recently released an exposure draft (“Exposure Draft”) that proposes a new approach to accelerate the recognition of credit losses (“Proposed Rule”). The FASB perceives delayed...more
The Securities and Exchange Commission (SEC) recently has set its sights on registered entities and their officers and directors for overvaluing the entities’ assets....more
In This Issue: - Accounting Rule Would Force Banks to Take Loan Write-Downs - End of TAG Program Has Community Banks Concerned - New Mortgage Rules Protect Banks from Homeowner Lawsuits - Obama Signs Bills...more
On July 9, 2012, the Financial Accounting Standards Board determined to remove from its agenda its project to modify accounting standards related to disclosure of loss contingencies, including litigation. This project was...more
On July 9, the Financial Accounting Standards Board (FASB) decided to remove its project to modify disclosures of certain loss contingencies from the FASB’s technical agenda. The project, originally undertaken in 2007, sought...more
On July 9, 2012, the Financial Accounting Standards Board (FASB) voted against moving forward with its exposure draft project to modify the accounting and disclosure requirements for loss contingencies. The exposure draft was...more
The Financial Accounting Standards Board (the “FASB”) announced July 27, 2011 the approval of a revised accounting standard enhancing disclosures in financial statements regarding employers’ participation in multiemployer...more
At its meeting on May 31, the Financial Accounting Standards Board (FASB) tentatively agreed that it will not require employers to disclose an estimate of withdrawal liability for each material multiemployer defined benefit...more
As thoroughly detailed in the 2,200-page Examiner’s Report on the fraudulent accounting that was central to the Lehman Bros. failure, repurchase agreements ("repos") that should have been treated for financial reporting...more
In April 2011, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) released a joint progress report regarding their convergence program for U.S. generally accepted...more
Public corporations and their advisors have been laboring under uncertainty as to whether new requirements for disclosure of loss contingencies may be adopted by the FASB to be effective for fiscal years ending December 31,...more
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