Show:
FASB and Fair Value
Banking Woes
IASB and Fair Value
Ethics
Miscellaneous
100
The first FASB pronouncement that provided guidance on fair value accounting, which was issued in 1982.
What is SFAS 60?
100
The two items that banks consider the biggest threats to sound accounting.
What are FSP 115-2 and FSP 157-4?
100
The current international standard for fair value accounting.
What is IAS 39?
100
The primary responsibility of an auditor.
What is to opine on the reasonable accuracy of a company's financial statements?
100
The primary accounting principle on which fair value relies.
What is relevance?
200
The Fair Value pronouncement which superceded SFAS 60, which was issued in 1993.
What is SFAS 115?
200
The bank discussed in the articles that eliminated 10% of its workforce during the economic crisis.
What is CitiGroup?
200
The accounting principle most relied upon by proponents of IAS 39, concerning declines the financial institutions' credit ratings.
What is consistency?
200
The SEC standard for auditor independence.
What is to maintain independence from a client in fact and in appearance?
200
"A major cog in the downfall of Enron" according to its executive, Amanda Martin.
What is mark to market accounting?
300
The Fair Value pronouncement which established a three tier system for classifying financial instruments.
What is SFAS 157?
300
One of the three c's of the stock market and banking industry.
What are capital, credit, or confidence.
300
The accounting principle most relied upon by opponents of IAS 39, concerning declines the financial institutions' credit ratings.
What is reliability.
300
The set of standards implemented internally by many U.S. companies that serve to prevent fraud.
What is a code of ethics?
300
The two major "watchdogs" that signed off on mark to market accounting for Enron.
Who are Arthur Anderson and the Securities and Exchange Commission?
400
The three considerations for impaired debt securities.
What are intent to sell, requirement to sell, and expectation of recovery?
400
The predominant reason that banks disagree with current fair value accounting standards.
What is decreased lending ability due to paper losses?
400
The journal entry for declines in a financial institution's credit rating in accordance with IAS 39.
What is debit liability, credit gain?
400
The intentional misrepresentation to stakeholders of a company's financial position.
What is fraud?
400
A term used to describe a market in which there are unpredictable buyers and sellers and values of securities are highly uncertain.
What are illiquid markets?
500
The FSP that addresses fair value determination when volume and activity have significantly decreased.
What is FSP 157-4?
500
The three classifications of financial instruments implemented with SFAS 115.
What are trading, available for sale, and held to maturity?
500
The first international pronouncement concerning Fair Value Accounting.
What is IAS 25?
500
The regulatory body responsible for investigating financial statement fraud.
What is the Securities and Exchange Commission?
500
The kind of risk that FSP 115-2 still proposes write downs for.
What is credit risk?