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Home › Forums › Financial Markets/Economics › “Mark-to-fantasy” accounting changes…and your chance to be heard

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  • September 21, 2010 at 11:14 PM #17982
    CA renter
    Participant

    Copying this from the “Bank Reposession” thread. Thought it was important enough to some of us that it warranted its own thread.

    [quote=CA renter][quote=Huckleberry]Has anybody heard what the current situation is with the reinstatement of mark-to-market? A few months ago I had either read or heard the GAO was getting ready to re-activate M-to-M…[/quote]

    Good catch. I hadn’t realized they were seeking comments about it.

    Here’s the story:

    “No surprise, bankers are almost uniformly opposed to a proposal to expand the use of fair-value accounting. But the plan was never meant to appeal to bankers.

    It was on investors’ behalf that the Financial Accounting Standards Board floated a rule that would make banks mark to market nearly all assets and liabilities.

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    Certainly there are investors who like the idea. The only way to know whether banks threaten the financial system “is to reinstate mark-to-market and force them to deal with these underwater assets that they are being allowed to price at whatever they choose to make their books look good,” Jerome Ruffin, a self-described “consumer and investor” from Fayetteville, N.C., wrote in a comment letter.

    But for every Jerome Ruffin, there has been at least one comment letter from an investor, or a firm representing billions of dollars in investor assets, taking the opposing view.”

    http://www.insurancenetworking.com/news/insurance_banks_accounting_FASB_mark_to_market_regulation-25743-1.html

    ————————
    For those of us who’ve been complaining about “mark-to-fantasy” accounting, here’s our chance to be heard. Time to start writing letters![/quote]

    September 22, 2010 at 8:12 AM #607818
    UCGal
    Participant

    I made a comment in the other thread that I thought this was an issue my nephew was working… I may have been wrong. (But I’ve sent him an email anyway.)

    If you want to see the FASB proposal that is being commented on:

    http://www.fasb.org/cs/BlobServer?blobcol=urldata&blobtable=MungoBlobs&blobkey=id&blobwhere=1175820761372&blobheader=application/pdf

    The person to send comments to is:

    Russell G. Golden, Technical Director
    File Reference No. 1810-100
    Financial Accounting Standards Board
    401 Merritt 7
    PO Box 5116
    Norwalk, Connecticut 06856-5116

    If you want to read comments already submitted:
    http://www.fasb.org/jsp/FASB/CommentLetter_C/CommentLetterPage&cid=1218220137090&project_id=1810-100

    September 22, 2010 at 8:12 AM #607904
    UCGal
    Participant

    I made a comment in the other thread that I thought this was an issue my nephew was working… I may have been wrong. (But I’ve sent him an email anyway.)

    If you want to see the FASB proposal that is being commented on:

    http://www.fasb.org/cs/BlobServer?blobcol=urldata&blobtable=MungoBlobs&blobkey=id&blobwhere=1175820761372&blobheader=application/pdf

    The person to send comments to is:

    Russell G. Golden, Technical Director
    File Reference No. 1810-100
    Financial Accounting Standards Board
    401 Merritt 7
    PO Box 5116
    Norwalk, Connecticut 06856-5116

    If you want to read comments already submitted:
    http://www.fasb.org/jsp/FASB/CommentLetter_C/CommentLetterPage&cid=1218220137090&project_id=1810-100

    September 22, 2010 at 8:12 AM #608884
    UCGal
    Participant

    I made a comment in the other thread that I thought this was an issue my nephew was working… I may have been wrong. (But I’ve sent him an email anyway.)

    If you want to see the FASB proposal that is being commented on:

    http://www.fasb.org/cs/BlobServer?blobcol=urldata&blobtable=MungoBlobs&blobkey=id&blobwhere=1175820761372&blobheader=application/pdf

    The person to send comments to is:

    Russell G. Golden, Technical Director
    File Reference No. 1810-100
    Financial Accounting Standards Board
    401 Merritt 7
    PO Box 5116
    Norwalk, Connecticut 06856-5116

    If you want to read comments already submitted:
    http://www.fasb.org/jsp/FASB/CommentLetter_C/CommentLetterPage&cid=1218220137090&project_id=1810-100

    September 22, 2010 at 8:12 AM #608565
    UCGal
    Participant

    I made a comment in the other thread that I thought this was an issue my nephew was working… I may have been wrong. (But I’ve sent him an email anyway.)

    If you want to see the FASB proposal that is being commented on:

    http://www.fasb.org/cs/BlobServer?blobcol=urldata&blobtable=MungoBlobs&blobkey=id&blobwhere=1175820761372&blobheader=application/pdf

    The person to send comments to is:

    Russell G. Golden, Technical Director
    File Reference No. 1810-100
    Financial Accounting Standards Board
    401 Merritt 7
    PO Box 5116
    Norwalk, Connecticut 06856-5116

    If you want to read comments already submitted:
    http://www.fasb.org/jsp/FASB/CommentLetter_C/CommentLetterPage&cid=1218220137090&project_id=1810-100

    September 22, 2010 at 8:12 AM #608456
    UCGal
    Participant

    I made a comment in the other thread that I thought this was an issue my nephew was working… I may have been wrong. (But I’ve sent him an email anyway.)

    If you want to see the FASB proposal that is being commented on:

    http://www.fasb.org/cs/BlobServer?blobcol=urldata&blobtable=MungoBlobs&blobkey=id&blobwhere=1175820761372&blobheader=application/pdf

    The person to send comments to is:

    Russell G. Golden, Technical Director
    File Reference No. 1810-100
    Financial Accounting Standards Board
    401 Merritt 7
    PO Box 5116
    Norwalk, Connecticut 06856-5116

    If you want to read comments already submitted:
    http://www.fasb.org/jsp/FASB/CommentLetter_C/CommentLetterPage&cid=1218220137090&project_id=1810-100

    September 22, 2010 at 9:49 AM #608521
    Huckleberry
    Participant

    UCGal,

    That would be great if you could follow up w/ your nephew. Any updated info on this would be great, as it could have DRASTIC affects on the market and pricing…

    More than anything, a time-line they are shooting for to re-instate it!

    September 22, 2010 at 9:49 AM #608949
    Huckleberry
    Participant

    UCGal,

    That would be great if you could follow up w/ your nephew. Any updated info on this would be great, as it could have DRASTIC affects on the market and pricing…

    More than anything, a time-line they are shooting for to re-instate it!

    September 22, 2010 at 9:49 AM #608630
    Huckleberry
    Participant

    UCGal,

    That would be great if you could follow up w/ your nephew. Any updated info on this would be great, as it could have DRASTIC affects on the market and pricing…

    More than anything, a time-line they are shooting for to re-instate it!

    September 22, 2010 at 9:49 AM #607969
    Huckleberry
    Participant

    UCGal,

    That would be great if you could follow up w/ your nephew. Any updated info on this would be great, as it could have DRASTIC affects on the market and pricing…

    More than anything, a time-line they are shooting for to re-instate it!

    September 22, 2010 at 9:49 AM #607883
    Huckleberry
    Participant

    UCGal,

    That would be great if you could follow up w/ your nephew. Any updated info on this would be great, as it could have DRASTIC affects on the market and pricing…

    More than anything, a time-line they are shooting for to re-instate it!

    September 22, 2010 at 12:03 PM #608039
    jpinpb
    Participant

    Any Pigg want to volunteer to draft a letter opposing this and posting here so the rest of us can just use it and send it on?

    September 22, 2010 at 12:03 PM #608591
    jpinpb
    Participant

    Any Pigg want to volunteer to draft a letter opposing this and posting here so the rest of us can just use it and send it on?

    September 22, 2010 at 12:03 PM #608701
    jpinpb
    Participant

    Any Pigg want to volunteer to draft a letter opposing this and posting here so the rest of us can just use it and send it on?

    September 22, 2010 at 12:03 PM #607953
    jpinpb
    Participant

    Any Pigg want to volunteer to draft a letter opposing this and posting here so the rest of us can just use it and send it on?

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