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What Do Financial Executives Need to Know About FAS 159?

Financial Executives International TV

Grant Thornton
Doug Reynolds, Partner, Professional Standards

Runtime: 5:22

Key Takeaways:

  1. At a high level, FAS 159 says that certain companies with certain kinds of financial assets and liabilities can elect to use a fair value model for those financial instruments and permanently mark the changes in earnings as they go forward.
  2. Early adoption of FAS 159 has been an issue for some companies. Adoption provisions state that the effect of the change from the historic method will go to retained earnings and not through the income statement.
  3. For a detailed FASB Summary of Statement 159, click here.

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