SEC, FASB Propose GAAP Changes To Treasury

Law360, New York (October 22, 2008, 12:00 AM EDT) -- As part of an ongoing effort to revive the troubled economy, securities and accounting regulators have reportedly sent a draft letter to the U.S. Treasury proposing to ease accounting rules for banks that receive financial aid from the government.

The letter, sent by the U.S. Securities and Exchange Commission and the Financial Accounting Standards Board to the U.S. Treasury, states that any warrants issued to the government by a financial institution can be classified as permanent equity, rather than as a liability, which would have been...
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