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Such a mismatch arises because financial assets will be accounted for at fair value--they will be marked to market value for every reporting period--as outlined in IAS 32.
And many utilities had accounted for deposits as loans, but had agreed on audit or at Appeals to start reporting the deposits as income.
This is accounted for as a cumulative effect of accounting change in accounting principle in accordance with APB Opinion no.
The proposed statement would also require that troubled debt restructurings, currently covered by FASB Statement 15, Accounting by Debtors and Creditors for Troubled Debt Restructurings, be accounted for at fair value by the creditor at the date of the restructuring.
96, Treasury Stock Acquisitions Following Consummation of a Business Combination Accounted for as a Pooling of Interests.
This also is true for utilities that accounted for nuclear decommissioning costs exclusively as a liability.
In an effort to standardize the accounting for all derivative instruments, the standard requires recognition on the balance sheet at fair value of previously unrecognized derivative instruments, such as interest rate swaps used to hedge historical-cost-based assets and liabilities accounted for using accrual accounting, a step that many non-CPAs find inconsistent and illogical when compared to current practice.
124 requires that NPOs report equity securities with readily determinable fair values (except those accounted for under the equity method and investments in consolidated subsidiaries) and all debt securities at fair value and that the entities include realized and unrealized gains and losses in the statement of activities.
(For more details, see "FASB 115: It's Back to the Future for Market Value Accounting" JofA, Sept.93, page 49.) It requires companies to classify all securities investments that are not accounted for under the equity method into three categories: trading, available for sale or held to maturity.
These equity securities are those with readily determinable fair values not accounted for under the equity method or as investments in consolidated subsidiaries.
The Financial Accounting Standards Board has published an exposure draft of a proposed accounting standard, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities, that attempts to resolve long-standing questions about whether transactions should be accounted for as secured borrowings or as sales.
The following consensuses were reached regarding investments accounted for under SOP 78-9 (either cost or equity method):
The EITF also reached a consensus that a security received in a restructuring in settlement of a claim for only the past-due interest on a loan should be measured at the security's fair value at the restructuring date and accounted for in a manner consistent with the entity's policy for recognizing cash received for past-due interest.
112 covers the' benefits that are not accounted for under Statement no.
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