THE FABULOUS FASB FAIR VALUE JOURNEY

FASB 157 05-06-09[1]_HedgeFund Private Equity

FASB LOAN LOSS CREDIT LOSS DISCLOSURES 04-22-09[1]

TaxAnalysts Tax Notes Article Quoting Rydstrom, Chairman CMIS ;
April 13, 2009: Richard Rydstrom Fighting for Best Practices for the Servicer to Help the Borrower -
Quoted in Tax Analysts Tax Notes (Tax.Org), the preeminent national tax policy and news publication.
-----
"It's a good step in the right direction," said Richard Rydstrom, chair of the Coalition
for Mortgage Industry Solutions. He said, however, that the guidance does not resolve
a potential discrepancy from prior guidance in which the phrases "reasonably
foreseeable default" and "imminent default" seem to be used interchangeably. The
industry needs to be reassured that the safe harbor will apply to the reasonably
foreseeable standard, which is broader, Rydstrom said. "
--
Thank You, Richard Ivar Rydstrom, Esq.
rrydstrom@gmail.com

A Spicket or Faucet? New Rules for 157 Fair Value Accounting
April 2, 2009, The Delay That Will Live in Infamy|
The Time Has Come for the “Hold-To-Maturity Device” Products |
Where can we find those things anyway? By Richard Ivar Rydstrom, Chairman

April 2 2009 FASB Updating:e 157 Fair Value Account

4-2-09 FASB BOARD/STAFF HANDOUT FSP FAS 157e
Determining Whether A Market is not Active and a Transaction is Not Distressed -
FSP FAS 115a, FAS 124a, and EITF 99-20-b; Recognition and Presentation of
Other-Than-Temporary Impairments; Redeliberation of Proposed FSP FAS 107-B and APB 28-A
Interim Disclosures About Fair Value of Financial Instruments; Insurance Contracts;
Redeliberations of the Objective of Financial Reporting

3-16-09 FASB BOARD/STAFF HANDOUT

Determining whether a market is not active and a transaction is not distressed (estimated 1-hour discussion). The Board will redeliberate proposed FSP FAS 157-e, Determining Whether a Market Is Not Active and a Transaction Is Not Distressed, in light of the comments it has received.

Recognition and presentation of other-than-temporary impairments (estimated 1-hour discussion). The Board will redeliberate proposed FSP 115-a, FAS 124-a, and EITF 99-20-b, Recognition and Presentation of Other-Than-Temporary Impairments, in light of comments it has received.

Interim disclosures about fair value of financial instruments (estimated 1-hour discussion). The Board will redeliberate whether an entity should be required to provide disclosures about the fair value of financial instruments in interim period financial information, as proposed in FSP FAS 107-b and APB 28-a, Interim Disclosures about Fair Value of Financial Instruments

March 31 2009 FASB Updates 157 Fair Value and Time Value of Money - (sound like a cash accounting
primer for valuation of mortgage portfolios, MSR, and NOV for modifications)

Summary FASB Meetings with Links

January 23, 2009 - Proposed FSP FAS 107-a: Disclosures about Certain Financial Assets -
Click Here

Mark-to-Market Fair Value Accounting - FAS 157 - Jan 2 2009 SEC Study per Section 133

Report and Recommendations Pursuant to Section 133 of the Emergency Economic Stabilization Act of 2008: Study on Mark-To-Market Accounting

FASB RULES FAS 157 FAIR VALUE MARK TO MARKET ACCOUNTING

SPECIAL BROADCAST entitled "Hidden Gems: Reconciling New Laws, Rules & Best Practices Guidance" on October 22, 2008, as Richard Ivar Rydstrom delivers his 2nd update of the current changes in law, rules, regulations, and best practices guidance including new principal forgiveness solutions such as QBieSam™ Modifications, which is receiving widespread industry support.

CRITICAL ISSUES in the presentation include:

1) $700B Plus Rescue Law: HR 1424

2) $300B Voluntary Short Payoff Refinance Law: HR 3221

3) SEC & FASB New Guidance: FAS 157 Fair Value

4) Wilbur Ross Solutions: Principal Forgiveness and New Insurance Guarantees

5) New Principal Forgiveness Modifications without Loss Write-offs!

__________________________________________

FASB & IFRS Convergence

Issue: Differences in refinancing of short-term obligations and curing
breaches of borrowing.

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SEC/GAAP Watch - September 8, 2008
 
In this edition:
 
*  9/08/08 -- Action Alert No. 08-36: FASB to Converge Going Concern
Guidance Under GAAP with IFRS
 
 
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9/08/08 -- Action Alert No. 08-36: FASB to Converge Going Concern
Guidance Under GAAP with IFRS
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The Financial Accounting Standards Board decided at its August 27,
2008, weekly meeting that the guidance under U.S. generally accepted
accounting principles should converge with the international rules for
an auditor's evaluation of an entity's ability to function as a going
concern and the events that occur between the date of a financial
statement and the issuance of the audited statement for that period.
 
The FASB announced the decision in Action Alert No. 08-36.
 
As a result of the decision, the rules under U.S. GAAP would converge
with the International Accounting Standards Board's (IASB)
International Accounting Standard (IAS) 1, Presentation of Financial
Statements, and IAS 10, Events after the Balance Sheet Date, and be
supplemented by the disclosure requirements in the American Institute
of Certified Public Accountants' (AICPA) Statement on Auditing
Standards (SAS) No. 1, Codification of Auditing Standards and
Procedures, and AU Section 341, “The Auditor’s Consideration of an
Entity’s Ability to Continue as a Going Concern.” The Board also
decided that the guidance should be consistent with AU Section 560,
“Subsequent Events.”
 
While the FASB wants to get rid of the remaining differences between
U.S. GAAP and IFRS, it doesn't want the revised guidance to address
differences in refinancing of short-term obligations and curing
breaches of borrowing.
 
The FASB's research staff will produce a draft of the converged
guidance that will be voted on by the Board members. An exposure draft
of the proposed changes will then be released for a 60-day comment
period.