Emerging Accounting Issues (E) Working Group
Emerging Accounting Issues (E) Working Group Page
Joint Executive (EX) / Plenary Committee Summary Report
Winter 2009 Meeting Summaries Index

The Emerging Accounting Issues (E) Working Group of the Accounting Practices and Procedures (E) Task Force met Dec. 5, 2009. During this meeting, the Working Group:

  •  Adopted as final the following Interpretations:
    • INT 09-08—Accounting for Loans Received Under the Federal TALF Program (INT 09-08)

This interpretation indicates that loans received and collateral provided under the Term Assets-Backed Securities Lending Facility (TALF) program do not meet the criteria for offset. This interpretation clarifies reporting for such loans received and collateral provided under statutory accounting and indicates that asset-backed securities provided as collateral under the TALF program shall continue to be reported in the same category as previously reported and not moved to the U.S. Government category.

    • INT 99-00T—Compilation of Rejected EITFs (INT 99-00)

This interpretation incorporates “rejected” and “non-applicable” FASB EITFs that do not provide additional statutory accounting guidance, in a single listing within a designated interpretation. This interpretation will be updated as needed to reference future EITFs that are: a) rejected as not applicable to statutory accounting; b) rejected without providing additional statutory guidance; and c) rejected on the basis of issues rejected in statutory accounting.

  • Exposed the following item:
    • ASU 2009-15: Accounting for Own-Share Lending Arrangements in Contemplation of Convertible Debt Issuance or Other Financing

This item was exposed with a recommendation that ASU 2009-15 be rejected as not applicable to statutory accounting with reference included in INT 99-00.

  • Conducted the following actions and discussions:
    • INT 09-07T—Accounting for Re-Securitization of Loan-Backed and Structured Securities (e.g., ReRemics) (INT 09-07T)

The Working Group rejected the exposed tentative consensus and noted that the issue will be addressed by agenda item 2009-14 on the Statutory Accounting Principles (E) Working Group Maintenance Agenda.

    • SSAP No. 43R—Loan-backed and Structured Securities Impairment Guidance

The Working Group noted that the Statutory Accounting Principles (E) Working Group is currently considering a project to establish an Implementation Question and Answer for SSAP No. 43R—Loan-backed and Structured Securities – Revised (SSAP No. 43R). As such, the Working Group agreed to defer this issue until completion of the SSAP No. 43R Implementation Guide.

    • Electronic Prescribing Transaction Service Fees

The Working Group deferred action and referred a broader project on health insurers’ expenses to the Statutory Accounting Principles (E) Working Group for consideration.

The deadline for submission of comments and for new items is Feb. 11, 2010.

 

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