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The Financial Accounting Standards Board’s Statement of Financial Accounting Standards No. 157 (FAS 157) is mandatory for financial statements prepared in accordance with Generally Accepted Accounting Principles (GAAP) for fiscal years beginning after November 15, 2007. In order to comply with FAS 157, firms will need to understand the Financial Accounting Standards Board’s definition of fair value, develop procedures for fair value disclosures in their financial statements, and review their existing valuation policies and procedures.
Interactive Data offers informational resources for clients to assist them with their preparations for FAS 157. Information about inputs to our evaluations, and about valuations we receive from third parties, is set forth in our Summary of Inputs by Asset Class. This enhanced transparency provides our clients with information for their determinations under a “bucketed approach” of input levels for securities we evaluate. Interactive Data will provide the Summary of Inputs to clients upon request, and we are also available to answer questions about the information in the Summary.
Interactive Data continues to discuss with clients and independent accounting firms the implications of FAS 157 and track developments such as the recently adopted FASB Staff Position (FSP) FAS 157-4 (proposed as FAS 157-e). Please note that Interactive Data submitted a comment letter to the Financial Accounting Standards Board (FASB) regarding FSP FAS 157-e which can be viewed through the link in the FAS 157 resources section below. In addition, Interactive Data held two webinar events, the first on April 1, 2009 to discuss its plans and preparations for FSP FAS 157-e., and the second on April 22, 2009 to discuss FSP FAS 157-4. Replays of both webcast events are available below.
Another recent addition to the FAS 157 resources we offer clients includes the addition of a new online portal for submission of FAS 157 evaluation input reports. The new FAS 157 Evaluation Inputs web portal is available on our 360ViewSM service. On June 25, 2009, we offered clients an online training and demonstration of the portal. The replay file is available below.
FAS 157 resources:
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