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Contact:
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Robert Schmermund
(202) 857-3104
Jim Eberle
(202) 857-3145
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Jim Eberle
(202) 857-3145 (work)
(703) 893-2593 (home)
[email protected]
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For Immediate Release
February 20, 2002
#02-11 |
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E-mail:
[email protected] |
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ACB URGES NO CHANGE IN FASB GUIDANCE
Editors, Reporters:
America’s Community Bankers has urged
the Financial Accounting Standards Board to refrain from changing the guidance
on FAS 133 in a way that would require certain loan commitments to be treated as
derivatives and marked to market.
In a comment letter, ACB said
broadening the scope of FAS 133 would “complicate accounting without necessarily
providing benefit to readers of financial statements.”
ACB said it was concerned that an
excessively broad application of the scope of FAS 133 would require derivative
treatment for loan commitments that are intended to be held for investment.
“If a bank is a portfolio lender that
originates loans to hold for investment, there is no practical purpose to have
commitments on those loans treated as derivatives — even if the loans are
eligible for secondary market sale,” ACB said.
The comment letter is
ATTACHED.
America’s Community Bankers is the national trade association committed to shaping the future of
banking by being the innovative industry leader strengthening the competitive position of
community banks. To learn more about ACB, visit
www.AmericasCommunityBankers.com.
-30-
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Copyright 1996-2002 © America’s Community Bankers. All Rights Reserved.
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