New Footnote Disclosures required for Available for Sale Investments as of Dec 31st 2003

At their November 25th 2003 meeting, the Financial Accounting Standards Board (FASB) ratified the consensus recently reached by the Emerging Issues Task Force (EITF) on footnote information for investments recorded in the Available-for-Sale (AFS) and Held for Maturity category. The disclosures require management to report quantitative values and qualitative judgments about AFS debt and equity securities. The ratification does not change and existing rule, but does mandate greater disclosure.

 
 

At their November 25th 2003 meeting, the Financial Accounting Standards Board (FASB) ratified the consensus recently reached by the Emerging Issues Task Force (EITF) on footnote information for investments recorded in the Available-for-Sale (AFS) and Held for Maturity category. The disclosures require management to report quantitative values and qualitative judgments about AFS debt and equity securities. The ratification does not change and existing rule, but does mandate greater disclosure.

The disclosure focuses on securities with unrealized losses. If these investments have not been classified as Other-Than-Temporary the following information described in the following table:

 

 

 

Jan. 26, 2004


Comments

 
 
 
  • Just another way CPA firms are taking over management of cu's.
    Anonymous