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FI Update - Illustrative Example for Financial Institutions of FASB Statements 157 and 159 (4.30.08)
These illustrations are intended to address common reporting items for financial institutions to consider in the adoption of the Financial Accounting Standards Board (FASB) Statements of Financial Accounting Standards (FAS) No. 157, “Fair Value Measurements,” and No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities – Including an amendment of FASB Statement No. 115.” Items that are not applicable or not material do not need to be presented. This illustration only addresses the adoption of Statement 157 and 159 and as such, there might be additional standards that should be included. However, since most of the annual disclosures are required in the first quarter of adoption for public companies, this document might be useful for all institutions during the preparation of annual disclosures as well. These illustrations do not address all possible scenarios, and individual facts and circumstances should be considered. The authoritative reference is included in parentheses for each required disclosure. Changes for the adoption of Statement 159 are noted in red. For illustrative purposes, this example assumes that the company has adopted the fair value option for certain investment securities, loans held for sale, and certain Federal Home Loan Bank (FHLB) advances, as of Jan. 1, 2008. Download PDF
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