The Financial Accounting Standard Board (the “FASB”) considered public comments to its proposed staff positions (the “Staff Positions”) on financial reporting. FASB Staff Position FAS 157-e (“FSP FAS 157-e”) addresses fair value measurements, and FASB Staff Position FSP FAS 115-a, FAS 124-a, and EITF 99-20-b (collectively, “FSP FAS 115-a”) address other-than-temporary impairments. The Staff Positions are expected to be issued in final form later this week. Subject to certain conditions, they are to take effect for interim periods ending after June 15, 2009, with early adoption permitted for periods ending after March 15, 2009. FSP FAS 157-e and FSP FAS 115-a were discussed in the March 24, 2009 Alert. The FASB approved those positions subject to certain modifications. [Read more →]

Recent issues of the Financial Services Alert have dedicated substantial space to the various programs initiated by U.S. and foreign governments to provide capital support and liquidity to financial services firms. As evidenced by the headlines that emerged from the meetings held last week in London by the leaders of the Group of Twenty (“G-20”), attention is now shifting to comprehensive financial services regulatory reform. Although these reform efforts remain at a nascent stage both in the United States and the other nations of the G-20, indications are that reform efforts may well produce the most large-scale and dramatic changes to the financial services regulatory environment since the 1930s and will likely touch virtually all sectors of the financial services industry. Moreover, unlike past efforts at reform, the regulatory framework that emerges may involve significant international coordination both in creating the framework and on an ongoing basis. [Read more →]