2008 Banking Conference Banking GAAP Update September 25, 2008 Panelists Jason Jacobs, Partner, KPMG LLP Robert Malhotra, CPA, Professional Accounting Fellow, SEC Michael D. Smith, Partner, KPMG LLP Agenda Other-Than-Temporary Impairment Upcoming Amendments Interpretation 46R (VIEs)
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Banking GAAP Update
September 25, 2008
Interpretation 46R (VIEs)
Loan Modifications—Statement 114
Also to be issued as an Exposure Draft is a proposed FASB Staff Position No. 140-e and FIN 46 (R)-e on Disclosures about Transfers of Financial Assets and Interests in Variable Interest Entities
Troubled Debt Restructurings (TDR)/FAS 114 Interaction:
“the creditor for economic or legal reasons related to the debtor’s financial difficulties grants a concession to the debtor that it would not otherwise consider”
Complexities of determining impairment under SFAS 114:
Goodwill of a reporting unit shall be tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Examples of such events or circumstances include a significant adverse change in legal factors or in the business climate.