Here’s an interesting NY Times article about accounting fraud at Archway which was owned by a private equity firm. It just goes to show that public companies aren’t the only ones that run into accounting problems.
Archive for June, 2009
ED on Valuing Investments in Investment Companies with Stated NAV
Posted: 8th June 2009 by Sander Abernathy in Fair ValueComments Off
The FASB issued an Exposure Draft of FSP-FAS 157-G today that addresses fair value determination of an investment in an investment company when the investment has a stated NAV. The Exposure Draft was prepared in response to comments regarding the ACSEC and Alternative Investment Task Force Issues Paper “FASB Statement No. 157 Valuation Considerations for Interests in [...]
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FASB Codification Will Become Effective in Q4 2009.
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Prudential got a half-billion dollar lift from changes to FAS 157.
Not-for-Profit Business Combinations
Posted: 3rd June 2009 by Sander Abernathy in Business CombinationsComments Off
The FASB has issued FAS 164 Not-for-Profit Entities: Mergers and Acquisitions. Business combinations in the Non-Profit sector are accounted for differently than those of for profit enterprises. As a follow on to FAS 141(R) the FASB is updating the guidance for not-for-profit entities. I’ll publish a summary of the new pronouncement shortly.
FIN 46(R) to be Revised Again
Posted: 3rd June 2009 by Sander Abernathy in Variable Interest EntitiesComments Off
The FASB will be issuing new guidance this month on accounting for Variable Interest Entities. The accounting question with respect to a VIE is whether it should be consolidated or not. FIN 46(R) has addressed that question and the forthcoming guidance is a revision to FIN 46(R). FIN 46(R) previously required that a company perform a [...]