Changes to accounting standards in the US are being touted as potentially
cutting losses on mortgage-backed and asset backed securities.
The change comes to the US standard FAS157, the key rule that embodies fair
value accounting. The changes, according to
Week, mean future cash flows can be taken into account when testing
securities for impairment.
The UK watchdog, the Financial Reporting Review Panel, yesterday said it
would looking closely at impairment testing in accounts composed during the
Financial Week quotes New York tax expert Robert Willens saying: ‘They’re
trying to introduce a little realism’ into fair value accounting, ‘This may be
the first break in the dam.’
The new team will begin their new roles on May 9, 2017 for a year term
Partner at Pinsent Masons says Serious Fraud Office has secured 'one of the top ten enforcement actions of all time'
Committee expresses concern about costs to businesses and April 2018 implementation date
Andrew Tyrie airs views on the Finance Bill, 'Making Tax Policy Better' report, and Brexit