VIEWS: 3 PAGES: 2 CATEGORY: Business & Economics POSTED ON: 6/13/2010
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proposed corporate penalties. Khuzami, a no-nonsense NEWS former federal prosecutor, told the Senate Banking, Housing, and Urban Affairs Committee that he con- curred with the recommendations of the GAO report. The Cox-era policy essentially allowed individual com- FASB Issues Two New missioners to veto staff enforcement recommendations. The drastic falloff in SEC corporate penalties since 2006 Statements has sent a message to the business community that as Last month the Financial Accounting Standards Board long as a financial reporting transgression, for example, (FASB) published two new Statements of Financial doesn’t hurt shareholders, then there won’t be much of a Accounting Standards (SFAS). SFAS No. 166, “Account- price to pay in terms of an SEC fine. Khuzami said the ing for Transfers of Financial Assets,” and SFAS No. 167, SEC will be making some policy changes in regard to “Amendments to FASB Interpretation No. 46(R),” change corporate enforcement. “To me, the focus of any penalty the way entities account for securitizations and special- policy should be assurance that malefactors get appro- purpose entities. The FASB says the new standards will priately severe sanctions to sufficiently deter them and impact financial institution balance sheets beginning in others from engaging in similar misconduct in the 2010 and that the impact of the new standards has been future,” he stated. taken into account by regulators in the recent financial institution “stress tests.” GOVERNMENT SFAS No. 166 is a revision to SFAS No. 140, “Account- ing for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities,” and will require more information about transfers of financial assets, including securitization transactions, and where companies have Supreme Court Could continuing ex
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