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 for discussion will 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!

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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.