Items Tagged with 'Financial statements'


  • ABA Raises Concerns on FASB, IASB Accountancy Changes

    Major accountancy changes and overhauls may take several years to implement across wide markets due to the complex nature of the instruments affected. Therefore, financial accounting boards in markets across the globe are taking the opportunity to begin revising rules in the midst of a lull in the securitization markets.
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  • $150bn of Assets May Return to BofA's Balance Sheet in 2010

    Bank of America [stock BAC][/stock] may soon bring some $150bn of off-balance-sheet assets back onto its balance in Q110 with the implementation of a new accounting rule, FAS 167, potentially pressuring its capital reserves. Of the assets the bank says it may bring to its balance sheet, home equity conduits account for an estimated $12bn, while card securitizations account for $85bn, and other variable interest entities make up the remaining $53bn, according to an equity research note by Keefe, Bruyette & Woods' (KBW) Jefferson Harralson.
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  • Game Over: New Century Won't Be Bought

    News broke late yesterday that New Century will shutter the rest of its business, laying off the remaining 2,000 employees it had been keeping in hopes of finding a buyer. Bloomberg reported yesterday that company officials finally conceded what I'd suspected all along -- that nobody wanted to touch New Century, even with a 10-foot stick.
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  • Accredited Hires New Outside Auditor

    Accredited Home Lenders Holding Co. (NASDAQ:LEND) said Tuesday that it has engaged Squar, Milner, Peterson, Miranda & Williamson, LLP as its independent public accountant. Accredited's prior auditor, Grant Thornton LLP, resigned abruptly early last week amid reports that it had prepared a "going concern" opinion on the troubled San Diego-based subprime lender. Squar Milner will begin work immediately to complete the audit of Accredited's financial statements for the year ended December 31, 2006, the lender said in a press statement.
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  • Grant Thornton Resigns as Auditor at Fremont, Accredited

    Grant Thornton LLP resigned Monday as the auditor for Fremont General Corp., an FDIC-insured lender ordered by federal regulators to stop subprime lending, and San Diego-based Accredited Home Lenders Holding Co. The auditor cited "significant events" at Fremont as the reason behind a recent decision by Thornton to expand the scope of its financial audit of the lender's internal documents, and said that Fremont had failed to provide the information needed to complete its review.
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