Subprime, Credit Crisis Update; SEC Chief Accountant, FASB, PCAOB Chairs At Baruch Zicklin Financial Reporting Conference May 1

By Edith Orenstein, FEI Financial Reporting Blog - In our continuing coverage of the subprime crisis and related market turmoil particularly with respect to related accounting and auditing standards, here are some recent items of interest:

Defining the Credit Crisis in Vinny Catalano’s blog today provides definitions of some key terms in the alphabet soup of the credit crisis.

What’s Wrong with Subprime Accounting by Marie Leone in CFO.com today.Leone covers in depth FASB, IASB and other commentary on matters relating to FAS 157, Fair Value Measurement, FAS 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities, and FIN 46R, Consolidation of Variable Interest Entities.

How to Revive Securitization Markets, op ed by Robert Pozen, Chair, MFS Financial, in today’s Wall Street Journal. Authoring the op ed in his personal capacity, Pozen hints that the SEC Advisory Committee on Improvements to Financial Reporting (CIFiR), which he chairs, may consider recommendations relating to securitization accounting and disclosure at its meeting Friday, May 2nd.

Speech by IASB Chairman Sir David Tweedie in Canada on April 21. Tweedie comments on the credit crisis as well as the growing status of IFRS as the world-wide standard. Learn more about IFRS and the status of SEC’s ‘roadmap’ to consider potentially permitting – or requiring – U.S. companies to file in IFRS – at FEI's June 5 conference: “The World Is Moving to IFRS – Are You?” See info at: www.financialexecutives.org/ifrs. BNA Tax & Accounting is the exclusive sponsor of the conference.

Although not outlined as a separate panel, the subject of subprime and the credit crisis may come up at Baruch College’s Zicklin Center for Corporate Integrity Financial Reporting Conference on May 1.

Read more on the above topics here.

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FEI Financial Reporting Blog provides highlights from SEC, PCAOB, FASB, IASB, and other regulatory news, including reporting under Sarbanes-Oxley Sect 404. It is written by Edith Orenstein, Director of Technical Policy Analysis at FEI

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