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Articles with the keyword "FAS 157"

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FAS 157: New Reporting Requirements for Employee Benefit Plan Investments

In September 2006, the Financial Accounting Standards Board (FASB) released Statement No. 157, "Fair Value Measurements" (FAS 157), which defines fair value, establishes a framework for measuring fair value and expands financial disclosures about fair value measurements. FAS 157 is…

Your Audit Committee’s Changing Role

In the last few years, the role of the audit committee has changed dramatically. Traditionally, committees have overseen the financial reporting process including advising management and external auditors and reporting to the board of directors.In the wake of this decade's…

New and Timely Guidance on FAS 157

Few pronouncements from the Financial Accounting Standards Board (FASB) have been as controversial as Statement of Financial Accounting Standards No. 157 (FAS 157), "Fair Value Measurements." Some critics blame FAS 157, at least in part, for the country's current financial…

Measuring Fair Value: New Accounting Rule to Affect Unusual Investments and More

Expect to have your hands full this year as you apply a new accounting standard to financial assets and liabilities that require fair value accounting. Also plan to be particularly busy if your not-for-profit has alternative investments such as hedge…

FAS 157 Changes Fair Value Definition, Measurement and Disclosure

Jeffery A. Dertz, CPAPartner, Insurance Practicejdertz@BlackmanKallick.com, 312-980-3224In September 2006, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (FAS 157). This new standard is effective for fiscal years beginning after Nov. 15,…


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