The release of FAS 167 by the Financial Accounting Standards Board is intended to clear up accounting disclosures by financial institutions and others. FAS 167 will have a significant impact on financial institutions - specifically to their balance sheets. According to the FASB, these new regulations "will change the way entities account for securitizations and special-purpose entities." FAS 167 will take effect at the start of a company's first fiscal year beginning after November 15, 2009, or January 1, 2010 for those reporting on a calendar-year basis.
Please join Mayer Brown partners Michael Butowsky, Stuart Litwin and Jason Kravitt for our next teleconference where we will provide an overview of FAS 167 and more detail on the implications for financial institutions.
Mayer Brown's Global Financial Markets Initiative helps clients deal with the legal and business challenges resulting from the ongoing turbulence in worldwide financial markets. By mobilizing the firm's global resources from multiple practices and offices, the Initiative provides clients with knowledgeable and timely counsel on a broad spectrum of their legal needs.
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