Cosi scrissi alcuni giorni fà……
Per concludere inoltre è mia premura lasciarvi con un’altra perla, un’anticipazione di MARKETWATCH.com secondo la quale dal 15 novembre una nuova norma contabile richiederebbe la divulgazione degli assets di mercato le cui valutazioni sono state fatte secondo il famoso "TERZO LIVELLO" la nuova regola contabile della SFAS157.
"They are being held, hidden on the books of major corporations and institutions, as management places their best-guess valuations that are almost always grossly overvalued!
Some firms began breaking down their financial assets into three levels at the start of their current fiscal year, which began in December, when they adopted early a new accounting standard related to fair, or market, value measurement. All U.S. companies will have to begin using it for financial years starting after Nov. 15. "
Questo inoltre è un’ulteriore post trovato su THEBUSINESS:CO.UK inglese che vi aiuterà a comprendere la piccola rivoluzione, la nuova piccola speranza nella dissolovenza di questa nebbia eterna.
"Under accounting standards SFAS 157 and 159, set by the Financial Accounting Standards Board (FASB), U.S. banks will be obliged to reveal the hierarchy of
Thanks to FINANCIALTIMES
those assets from Nov. 15. They will be marked Level 1, 2, 3 according to the ease of valuing them. Some investment banks have already started doing it.
Similar standards are already in place in Europe under IAS 39 and IFRS7.
Level 1 asset valuations pick market prices, level 3 assets are illiquid and lack observable market prices while level 2 assets fall between the two.
It’s the level 3 assets that must concern investors more than ever as they are marked to in-house models. Those models are more art than science and are subject to the banks’ judgment.
Much of the attention of such Level 3 assets has been focussed on mortgage-related assets. But they also include complex derivative contracts, credit card receivables, loans linked to leveraged "
la …….GRANDE NEBBIA agli irti colli, piovviginando il sale e sotto il maestrale URLA.URLA.URLA e biancheggia il mare…….
dote un’occhiata a questo
Partial Deferral Granted for Nonfinancial Assets and Nonfinancial Liabilities
Norwalk, CT, November 14, 2007—At its Board meeting today, the Financial Accounting Standards Board (FASB) reaffirmed its vote against a blanket deferral of Statement 157, Fair Value Measurements. For fiscal years beginning after November 15, 2007, companies will be required to implement the standard for financial assets and liabilities, as well as for any other assets and liabilities that are carried at fair value on a recurring basis in financial statements. As a result, Statement 157 becomes effective as originally scheduled in accounting for the financial assets and liabilities of financial institutions.
The Board did, however, provide a one year deferral for the implementation of Statement 157 for other nonfinancial assets and liabilities. An exposure draft will be issued for comment in the near future on this partial deferral. The audiocast of the November 14th meeting is currently available at www.fasb.org. More information about topics discussed and decisions reached at the meeting will also be posted on the FASB website in the coming days.
About the Financial Accounting Standards Board
Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information. For more information about the FASB, visit our website at www.fasb.org.
In sostanza il consiglio di amministrazione della FASB ha optato per l’
" alternativa B "
Here are all the board meeting handouts (30 pages) from today’s meeting including the FASB 157 "deferral" implementation issues. (see PDF pages 18 to 26).
Examples of items under "Alternative B" that would not be deferred under this alternative include:
Derivatives – financial and nonfinancial (recurring fair value measurements)
Servicing assets and liabilities measured at fair value on a recurring basis under Statement 156 (recurring fair value measurements)
Loans – may be measured at fair value in a business combination, in a lower of cost or fair value write-down, under Statement 159, or for Statement 107 disclosure purposes (financial assets)
Debt – may be measured at fair value in a business combination, under Statement 159, or for Statement 107 disclosure purposes (financial liability)
Examples of items under "Alternative B" that would be deferred under this alternative include:
Non-financial assets and non-financial liabilities that are measured at fair value in a business combination or other new basis event, but are not measured at fair value in subsequent periods (non-recurring fair value measurements)
Reporting units that are measured at fair value in Step 1 of a Goodwill impairment test (measured at fair value on a recurring basis, but not recorded in the financial statements at fair value – only determines whether to proceed to Step 2)
Non-financial assets and nonfinancial liabilities that are measured at fair value in Step 2 of a Goodwill impairment test (measured at fair value on a recurring basis to determine amount of goodwill impairment, but those other assets and liabilities are not recorded in the financial statements at fair value)
Indefinite-lived intangible assets (measured at fair value on a recurring basis, but not recorded in the financial statements at fair value unless there is an impairment)
Long-lived asset groups measured at fair value in Step 2 of a Statement 144 impairment test (non-recurring fair value measurements)
Asset retirement obligations that are measured at fair value at initial recognition, but are not measured at fair value in subsequent periods (non-recurring fair value measurements)
Liabilities for exit or disposal activities that are measured at fair value at initial recognition, but are not measured at fair value in subsequent periods (non-recurring fair value measurements)
The standard also presents challenges for non-financial assets and liabilities—most notably in the context of business combinations when companies have to fair value the assets and liabilities they acquire. “The most prevalent areas that would be affected by a partial deferral would be in regard to business combinations and impairments of acquired assets,” said FASB practice fellow Brian Stevens last week.
Some observers questioned the decision. “It’s a little puzzling that [FASB] did so at all in that companies will still have to apply 157 to problem financial assets, which is a good thing, whereas the non-financial assets get the deferral,” said Jack Ciesielski, an analyst and principal in the firm of R.G. Associates.
- non-financial asset : Physical asset, such as real estate or personal property. opposite of financial asset.
- financial asset : A non-physical asset, such as a security, certificate, or bank balance. opposite of non-financial asset.
It appears to be full speed ahead on commercial paper, mortgages, derivatives, etc. Real Estate (REOs) and other physical assets are exempt. This will benefit banks and lending institutions stuck with lots of foreclosures.
I use the word benefit loosely. The longer banks hold on to REOs the worse the writeoffs will eventually be. Attempting to prop up the books by not marking REOs to market will increase the loss later. Let’s face it. We are heading into a recession and real estate prices are going to continue to decline.
Fortunatamente alcune grandi realtà finanziarie hanno già incominciato ad effettuare una rivalutazione dei loro assets al terzo livello, spinte dai revisori interni dimostrando una nuova consapevolezza…..