FDIC OKs Delay of FAS 166, 167 Effect on Capital

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The FDIC’s action provides for an optional two-quarter implementation delay followed by an optional two-quarter partial implementation of the effect on risk-weighted assets that will result from changes to generally accepted accounting principles resulting from FAS 166 and FAS 167.

changes mandated by FAS 166 and FAS 167 would have on regulatory capital, the appropriateness of adjusting the risk-based capital treatment of some classes of assets that would be consolidated by banking organizations as a result of their implementation of FAS 167, and the utility of a phase-in of the regulatory capital effects of the accounting

The federal banking and thrift regulatory agencies today announced the final risk-based capital rule related to the Financial Accounting Standards Board’s adoption of Statements of Financial Accounting Standards Nos. 166 and 167.

On December 16, the FDIC finalized the regulatory capital rule related to FAS 166 and 167 which provides for: (i) an optional delay and phase-in for up to one year of the effect on risk-based capital and the allowance for lease and loan losses related to the assets that must be consolidated as a result of the accounting change and (ii) an elimination of the risk-based capital exemption for.

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The Financial Accounting Standards Board, whose edicts are enforced by the U.S. government, issued two rules pertaining to off-balance sheet securities which went into effect last year: FAS 166 & 167.

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FAS 157 was required for financial statements filed after Nov 2007. It was effectively suspended (I don’t know the term of art here) as of March 2008 (Bear crisis). Level 3 assets jumped sharply for all firms during that reporting period. Similarly, the FDIC has agreed to delay implementation of FAS 167, see

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