On November 3, FASB released an exposure draft relating to its proposal to improve the accounting for repurchase agreements and other agreements that entitle and obligate a transferor to repurchase or redeem financial assets before their maturity. Comments on the exposure draft must be submitted by January 15, 2011. FASB Release. Exposure Draft.
repurchase agreements
FASB Letter on Lehman Repos
On April 19, the FASB sent a letter to the House Financial Services Committee on selected accounting guidance relevant to Lehman accounting practices. The letter summarized the current accounting and reporting standards relating to repurchase agreements and consolidation of SPEs and, in particular, discussed Lehman’s Repo 105 and Repo 108 transactions. FASB Letter.