Linda C.

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FSP FAS 140-4 and FIN 46(R)-8, Disclosures by Public Entities (Enterprises) about Transfers of Financial Assets and Interests in Variable Interest Entities.

Linda C. posted an article on - Jan 7, 2009, 9:28 am
This FSP was issued December 11, 2008 and is effective for the first reporting period (interim or annual) ending after December 15, 2008 with earlier application encouraged.  It is to be adopted prospectively, but disclosures for past periods is encouraged (but not required).  This FSP was issued...
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EITF 08-4, Transition Guidance for Conforming Changes to EITF Issues No. 98-5, "Accounting for Convertible Securities with Beneficial Conversion Features or Contingently Adjustable Conversion Ratios".

Linda C. posted an article on - Dec 30, 2008, 9:01 pm
EITF 08-4 was ratified by the Board in June of 2008 and was issued to provide transition guidance for conforming changes made to EITF 98-5 that resulted from EITF 00-27 and FAS 150.  These changes are effective for financial statements issued for fiscal years ending after December 15, 2008 and earl...
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Proposed FSP on Discontinued Operations

Linda C. posted an article on - Dec 15, 2008, 9:40 am
A proposed staff position would require an entity to report fewer activities as discontinued operations.  If adopted the FSP would be effective for fiscal years beginning after December 15, 2009 and would be applied retrospectively.  A final FSP is expected in 2009. The proposed staff position wo...
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FSP FAS 133-1 and FIN 45-4 "Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretations No. 45; and Clarification of the effective date of FASB Statement No. 161"

Linda C. posted an article on - Dec 12, 2008, 11:14 am
This new FSP is effective for financial periods ending after November 15, 2008.  This would be for the 2008 10K for calendar year companies. The FSP clarifies that FAS 161 is effective for any reporting period, annual or interim, beginning after November 15, 2008.  There was some controversy over...
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Recent Happenings

Linda C. posted an article on - Dec 12, 2008, 11:11 am
I know it has been a long time since the last update, but here are the highlights. FASB ratified three EITF consensuses at its November 24th meeting.      EITF 08-6 – “Equity Method Investment Accounting Considerations EITF 08-7 – “Accounting for Defensive Intangible Assets EITF 08-...
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Fair Value – My Opinion

Linda C. posted an article on - Oct 1, 2008, 9:51 am
With all the talk about fair value accounting during the current credit crisis, I feel the need to make some clarifications about FAS 157 and fair value accounting. Bob Hertz, the Chairman of the FASB, gave an excellent speech last week. You can read it at the following link: http://www.fasb.org/ne...
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Proposed Amendment to FAS 128 – Earnings per Share

Linda C. posted an article on - Sep 17, 2008, 5:25 pm
This proposed Statement is being issued as part of a joint project with the IASB to eliminate differences between FAS 128 – Earnings per Share and IAS 33 – Earnings per Share.  If adopted the denominator for the earnings per share (EPS) calculation would be the same under both US GAAP and IFRS....
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Proposed Statement: Accounting for Hedging Activities, an amendment of FASB 133

Linda C. posted an article on - Aug 29, 2008, 11:06 am
   Scope  The proposed Statement would amend FAS 133 to a) simplify accounting for hedging activities, b) make the accounting model and disclosures more useful and easier to understand, c) resolve practice issues related to current hedging rules, and d) address differences between recognition a...
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EITF 08-03 – Accounting by Lessees for Maintenance Deposits

Linda C. posted an article on - Aug 25, 2008, 11:49 am
EITF 08-03 is effective for fiscal years beginning after December 15, 2008 and any changes are to be reflected as an adjustment to opening retained earnings.  Under certain equipment lease agreements, a lessee is responsible for the repair and maintenance of the leased asset.  The lease agreement...
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FSP FAS 157-3 – Determining the Fair Value of a Financial Asset when the Market for that Asset is Not Active

Linda C. posted an article on - Dec 31, 1969, 7:00 pm
This FSP was issued in October, 2008 and was effective upon issuance.  Revisions resulting from a change in the valuation technique or its application shall be accounted for as a change in accounting estimate, but the disclosure requirements of FAS 154 are not required. FSP FAS 157-3 was issued to...
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