SEC clarifies reporting of certain impaired securities

10/16/2008 | BNA (subscription required) · Bloomberg1

Conrad Hewitt, chief accountant of the Securities and Exchange Commission, clarified in a letter released Tuesday how companies should apply impairment accounting rules in the face of declines in value of certain preferred securities. The letter was in response to calls from bankers for clarification on reporting on a hybrid form of an instrument known as perpetual preferred securities. The clarification is considered an interim step.

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BNA (subscription required) · Bloomberg1

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