FASB derivative accounting standards: hearing before the Subcommittee on Commerce, Trade, and Consumer Protection of the Committee on Energy and Commerce, House of Representatives, One Hundred Eighth Congress, first session, July 22, 2003U.S. Government Printing Office, 2003 - 62 lappuses |
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accounting for derivatives accounting rules assets Baker Botts balance sheet basis points BAUMANN billion cash-flow cash-flow hedge changes companies Congress debt derivative accounting standards derivative contracts derivative instruments derivatives and hedging disclosure earnings economic effect Enron enterprises exposure fair value fair value balance fair value measures Fannie and Freddie Fannie Mae Fannie's FASB FASB's Federal Financial Accounting Standards financial instruments financial reporting financial statements Fixed-rate Freddie Mac Freddie's GAAP GAAP financial gain or loss gains and losses hearing hedged item hedging activities homebuyers homeowners interest rate risk interest rate swap interest-rate June liabilities LINSMEIER Mac and Fannie Mae and Freddie Mae's mark to market ment mortgage market OFHEO oversight percent portfolio press release principles-based regulator requirements restatement Sarbanes-Oxley Act SCHAKOWSKY SEIDMAN special hedge accounting special hedging rules Statement 133 STUPAK subcommittee swap testimony Thank tives transaction transparent volatility WALLISON
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13. lappuse - FASB carefully considers the views of all interested parties users, issuers, and auditors of financial information. Our Rules of Procedure require an extensive due process that was modeled on the Federal Administrative Procedure Act but is broader and more open in several ways.
9. lappuse - Our mission is to establish and improve standards of financial accounting and reporting for both public and private enterprises. Those standards are essential to the efficient functioning of the economy because investors and creditors rely heavily on credible, transparent, and comparable financial information.
1. lappuse - HOUSE OF REPRESENTATIVES, COMMITTEE ON ENERGY AND COMMERCE, SUBCOMMITTEE ON COMMERCE, TRADE, AND CONSUMER PROTECTION, Washington, DC. The subcommittee met, pursuant to notice, at 10 am, in room 2322 Rayburn House Office Building, Hon.
4. lappuse - He's at the health conference. [Additional statements submitted for the record follow:] PREPARED STATEMENT OF HON. BARBARA CUBIN, A REPRESENTATIVE IN CONGRESS FROM THE STATE OF WYOMING Thank you, Mr. Chairman. I...
14. lappuse - If certain conditions are met, a derivative may be specifically designated as (a) a hedge of the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment...
11. lappuse - The FASB's authority with respect to public enterprises comes from the US Securities and Exchange Commission ("SEC"). The SEC has the statutory authority to establish financial accounting and reporting standards for publicly held enterprises. For 30 years, the SEC has looked to the FASB for leadership in establishing and improving those standards. The SEC recently issued a Policy Statement reaffirming this longstanding relationship.' The Policy Statement, consistent with the language and intent of...
5. lappuse - PREPARED STATEMENT OF HON. HILDA L. Sous, A REPRESENTATIVE IN CONGRESS FROM THE STATE OF CALIFORNIA Mr. Chairman...
9. lappuse - I have brief prepared remarks, and I would respectfully request that the full text of my testimony and all supporting materials be entered into the public record.
11. lappuse - Congress and other policy makers need an independent FASB to maintain the integrity of the standards in order to obtain the financial information necessary to properly assess and implement the public policies they favor.
7. lappuse - I yield back the balance of my time. PREPARED STATEMENT OF HON. JOHN SULLIVAN, A REPRESENTATIVE IN CONGRESS FROM THE STATE OF OKLAHOMA Thank you Mr.