Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
FASB to draft fair value accounting rule
WASHINGTON (8/14/09)--The Financial Accounting Standards Board (FASB) should issue a sweeping exposure draft on fair value accounting around the end of this year, Chairman Robert Herz said at a FASB open meeting held Thursday. According to Herz, the exposure draft would address fair value accounting rules for all financial instruments, including allowances related to loan loss accounts. While Herz provided few details on the substance of the potential exposure draft, he indicated that the board would provide the industry with ample time to comment on the proposal once it has been issued. Herz said that the changes, once proposed and approved, could not be put into effect before 2011. However, the board will provide a clearer schedule for the implementation of the proposed rules by posting a project plan timeline on the FASB website sometime next week. FASB will hold a closed meeting of its trustees on Aug. 25. The Credit Union National Association will discuss fair value and other matters of concern to credit unions during a Sept. 17 conference call with Chairman Herz.


RSS print
News Now LiveWire
Housing starts swell in July #NewsNow #Market http://t.co/EdKIhXEj9l
8 hours ago
Consumer inflation tapers after spring surge #NewsNow #Market http://t.co/bgvQd8fyuF
8 hours ago
Have you read this one today in #NewsNow? What NCUA examiners look for on cybersecurity efforts: NCUA Report http://t.co/4g5wUavUAe
9 hours ago
.@CFPB sets $2.75M fine v. auto finance co. it says "distorted consumer credit records for years": TX-based First Investors Fin. Serv. Group
10 hours ago
University, college #creditunions add fin ed to higher ed. See #NewsNow http://t.co/NsyshwHPhg
11 hours ago