Financial Accounting Standards Board (FASB)
US banks call for more leeway on mark-to-market rules
The American Bankers Association, a lobbying group, has protested that its members need more relaxed valuation rules, blaming the Financial Accounting Standards Board for ignoring the financial crisis.
SEC to ease mark-to-market rules
The US Securities and Exchange Commission offered another lifeline to struggling US banks yesterday, telling them it planned "further clarifications" on when mark-to-market accounting rules could be ignored.
The blame game
Accounting
New derivatives disclosures will be “significant burden”
Tougher disclosures required by the Connecticut-based Financial Accounting Standards Board (FASB) will be a “significant burden” for companies using derivatives, said Hee Lee, New York-based partner in Ernst & Young’s Financial Services Office and…
Getting off track
Off-balance-sheet vehicles
FASB suggests more in-depth derivatives reporting
The US Financial Accounting Standards Board (FASB) has issued a proposal for more rigorous reporting of derivatives in financial statements.
FASB suggests more in-depth derivatives reporting
The US Financial Accounting Standards Board (FASB) has issued a proposal for more rigorous reporting of derivatives in financial statements.
BoA mis-states derivatives positions by $345 million
Bank of America has contravened Financial Accounting Standards Board (FASB) rules regarding its treatment of derivatives instruments and will recalculate all of its financial statements since 2002.
FASB likely to announce fair-value pensions project in October
The US Financial Accounting Standards Board (FASB) will consider a proposal from its staff for the overhaul of pension accounting in October. Some analysts predict that it will subsequently add to its agenda a project to require mark-to-market accounting…
Credit managers hope for new accounting blueprint
Mark-to-market accounting has frustrated credit portfolio managers at the largest international banks. It’s made their loan books more volatile and their derivatives hedges less efficient. But accounting standards setters may be ready to review the rules…
Black-Scholes models lose favour for employee stock options
Companies around the world are likely to come under increasing pressure to change their valuation methodologies for employee stock option schemes from traditional Black-Scholes models to binomial approaches, according to the research department of Bear…
US credit default swaps and CLN markets recovering, says S&P
The US credit default swaps (CDS) and credit-linked notes (CLN) markets are recovering from a lull in activity, according to rating agency Standard & Poor’s (S&P).
FASB unlikely to delay FIN 46, says CSFB
The US Financial Accounting Standards Board (FASB) is unlikely to delay the introduction of financial interpretation number 46 (FIN 46), the consolidation of variable interest entities (VIEs), according to the accounting and tax research team at Credit…
FASB unlikely to delay FIN 46, says CSFB
The US Financial Accounting Standards Board (FASB) is unlikely to delay the introduction of financial interpretation number 46 (FIN 46), the consolidation of variable interest entities (VIEs), according to the accounting and tax research team at Credit…
Corporate Governance Survey 2003, Part 1 >> Op risk disclosure: a long road ahead
Although most banks now have a separate section on operational risk in their annual reports, disclosure levels vary considerably. Here, Operational Risk's editorial staff review 15 bank annual reports to uncover reporting and management practices in 2002
FASB votes to review stock-based compensation standards
The Financial Accounting Standards Board (FASB) yesterday voted to review its standards on treating the cost of employee stock options as an expense. The move follows the submission of almost 300 industry comments on the issue.
SPV Ruling: Counting the cost
The recent crop of high-profile accountancy scandals has forced the US accounting regulator to clamp down on the 'creative' use of special purpose vehicles to shift liabilities off balance sheet. Saskia Scholtes investigates the ramifications for firms…
FASB's stock option rules spur pricing model developments
Academics and consultants are rushing to bring out new equity option pricing models in the wake of the controversy surrounding the US Financial Accounting Standard's Board (FASB) rule 123 on accounting for stock-based compensation.
FASB's stock option rules spur pricing model developments
Academics and consultants are rushing to bring out new equity option pricing models in the wake of the controversy surrounding the US Financial Accounting Standard’s Board (FASB) rule 123 on accounting for stock-based compensation. FASB is expected to…
A mark-to-market u-turn
A reversion to the old, non-mark-to-market regime for accounting for energy trading contracts is changing the energy supply business, reports Catherine Lacoursière
Bond Market Association warns Congress of catastrophe bond market disruption
Christopher McGhee, head of insurance risk-linked securities trading at insurance and reinsurance broker Marsh & McLennan Securities in New York, told a US House of Representatives financial services subcommittee yesterday that pending accounting changes…
Long-awaited exposure draft on SPV consolidation released in US
The US Financial Accounting Standards Board (FASB) has released a long-awaited exposure draft on the consolidation of special purpose entities, or special purpose vehicles (SPVs). New rules for accounting for SPVs, a class that includes all CDOs, was…
FASB redefines derivatives
The Financial Accounting Standards Board (FASB) yesterday amended the definition of derivatives within its mark-to-market accounting regulation FASB 133.
FASB names Robert Herz new chairman
Robert Herz, a senior partner with PricewaterhouseCoopers in New York, has been named as the new chairman of the US Financial Accounting Standards Board (FASB), the body responsible for derivatives Financial Accounting Standard 133.