By Edith Orenstein, FEI Financial Reporting Blog - Amidst the news about Lehman’s filing for bankruptcy, the purchase of Merrill by BofA, and AIG being at risk, we also read today “Credit-Swap Players Puzzle Over Fan-Fred Fallout - Lehman Situation Adds to Urgency to Settle Questions” [WSJ, by Serena Ng and Liz Rappaport.]
In related news, on Friday, Sept. 12, FASB issued FSP FAS 133-1 and FIN 45-4, “Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161.”
Read more on this topic and other FASB news here.