A discussion for the consumer finance industry
December 2006
The second edition of this publication outlines some of the most timely and relevant accounting and reporting technical issues that are affecting consumer finance companies today. These articles summarize a number of key accounting and auditing changes relevant to consumer finance companies' accounting and financial reporting professionals. Some of these topics include the FASB Fair Value Option Exposure Draft, accounting for reverse mortgages, recent SEC scrutiny over cash flow statements, regulation AB compliance, FAS 156 and FAS 157.
In addition to these technical and financial reporting topics, we have included information related to two areas that while not consumer finance industry-specific, are issues that will most likely impact the financial reporting process: changes in pension accounting and income tax accounting. Of course, as with the adoption of any new accounting and reporting standard, the most difficult task is in applying these standards to specific facts and circumstances. Such application requires greater understanding of individual transactions affected by the standard than would be contemplated by this publication and we encourage early and detailed discussion of these matters with your accountants.
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