FAS 5

CAQ Reiterates Accounting for Restructured Mortgages

January 13, 2009

The Center for Audit Quality issued a year-end white paper to fortify rules calling for a full accounting of troubled mortgages that have been restructured.The paper’s intent is to address questions regarding how to apply FAS 114, Accounting by Creditors for Impairment of a Loan, to restructured mortgages, especially given...
 

FASB Backs Off Planned Contingency Disclosures

September 25, 2008

The Financial Accounting Standards Board has decided to retreat and regroup from its plan to call for more disclosure about the potential outcomes of contingencies, such as lawsuits and other pending, uncertain events.Barraged by 239 comment letters to date on its proposal to amend Financial Accounting Statement No. 5: Accounting...
 

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