Source: PricewaterhouseCoopers Author name: PwC assurance services
Published: 09/24/2008
Summary:Today, the Financial Accounting Standards Board announced its intentions to re-deliberate the proposal that would require new disclosures of certain loss contingencies intended to replace the loss contingency disclosures required by FASB Statement No. 5, Accounting for Contingencies (FAS 5), and FASB Statement No. 141(R), Business Combinations (FAS 141(R)). These actions will delay the issuance of any new standard until sometime in 2009. The FASB's decision is an acknowledgement of the concerns expressed about its proposal and the time it will take to further study and deliberate the issues raised by constituents during the comment period.
Thursday, September 25, 2008
Tuesday, September 23, 2008
PwC DataLine 2008-24: Third Quarter Considerations Given Current Market Conditions
Summary:
Given current market conditions and recent economic events, the third quarter is likely to be particularly challenging from an accounting and reporting perspective for many companies. Although the Financial Services sectors have been especially impacted, all sectors are beginning to feel the effects of the current market conditions. Accordingly, it is important for all companies to consider the range of potential impacts that current market conditions may have on third quarter results and disclosures. This DataLine discusses a number of the issues that we believe should be top-of-mind as engagement teams and management address these challenges.
Given current market conditions and recent economic events, the third quarter is likely to be particularly challenging from an accounting and reporting perspective for many companies. Although the Financial Services sectors have been especially impacted, all sectors are beginning to feel the effects of the current market conditions. Accordingly, it is important for all companies to consider the range of potential impacts that current market conditions may have on third quarter results and disclosures. This DataLine discusses a number of the issues that we believe should be top-of-mind as engagement teams and management address these challenges.
PwC DataLine 2008-23: Third Quarter Considerations for Investors in Auction Rate Securities as a result of Broker-Dealer Settlements
Summary:
Many of our clients hold investments in auction rate securities ("ARS") that may have been impacted by illiquidity in the ARS marketplace. Certain investors in ARS and regulatory agencies have alleged that financial institutions that sold ARS ("broker-dealers") may have violated laws relating to proper sales and marketing practices when advising their clients to invest in ARS. Recently, a number of these broker-dealers entered into settlement agreements ("settlements") with the Securities and Exchange Commission ("SEC") and various state regulatory agencies relating to their ARS activity. This DataLine addresses the accounting considerations for investors related to certain aspects of these settlement agreements.
Many of our clients hold investments in auction rate securities ("ARS") that may have been impacted by illiquidity in the ARS marketplace. Certain investors in ARS and regulatory agencies have alleged that financial institutions that sold ARS ("broker-dealers") may have violated laws relating to proper sales and marketing practices when advising their clients to invest in ARS. Recently, a number of these broker-dealers entered into settlement agreements ("settlements") with the Securities and Exchange Commission ("SEC") and various state regulatory agencies relating to their ARS activity. This DataLine addresses the accounting considerations for investors related to certain aspects of these settlement agreements.
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