Accounting Policy and Practice Report Index-Summary

MADOFF

MALPRACTICE

MANAGEMENT'S DISCUSSION AND ANALYSIS (MD&A)

– Fair value disclosure, targeted fist quarter filings, no firm fully followed SEC advice, 21
– IASB approves normal due process for proposed management commentary paper, 404; 3 IASB members outline dissent on proposals, 580
– SEC sends letter to banks urging reevaluation of MD&A disclosures and loan loss accounting, 768; letter clarified, 840

MARK-TO-MARKET RULES

See generally FAIR VALUE

MARKETS

– Capital markets

See CAPITAL MARKETS

– Securities markets

See SECURITIES MARKETS

– Subprime mortgage meltdown

See SUBPRIME MORTGAGES

MATERIAL OMISSIONS

– Atlas Mining, shareholder suit against outside auditor dismisses for failure to show materiality or adequately plead scienter (D. Idaho), 945
– Auditor liability, litigation increase in light of subprime crisis, defending auditors at pleading stage, analysis and perspective, 754
– BNA adds new portfolios to series, 457

MERGERS AND ACQUISITIONS

See BUSINESS COMBINATIONS
– Disclosure issues

See DISCLOSURE

– Nonprofit organizations

See NONPROFIT ORGANIZATIONS

MISAPPROPRIATION OF FUNDS

– Energy company officials charged by SEC with misappropriating millions, concealing misconduct in filings (W.D. Okla.), 596

MISCONDUCT

– Auditor liability

See AUDITOR LIABILITY

– Energy company officials charged by SEC with misappropriating millions, concealing misconduct in filings (W.D. Okla.), 596
– IG looking into possible misconduct by SEC enforcement staff, 524
– Insurance

See INSURANCE

– Internal controls

See INTERNAL CONTROLS

– Mortgage fraud

See MORTGAGES

– Revenue recognition issues

See REVENUE RECOGNITION

– Settlements

See SETTLEMENTS

– Tax evasion

See TAX EVASION

– Whistleblower protections

See WHISTLEBLOWERS

MISREPRESENTATION

See NEGLIGENCE

MISSTATEMENT OF REVENUE

See REVENUE RECOGNITION
– Settlements

See SETTLEMENTS

MONEY MARKET FUNDS

See generally MUTUAL FUNDS

MORTGAGE SECURITIZATIONS

– Bankers predict end of securitization as business, as result of new FASB rules requiring greater capitalization, 916
– Collateralized mortgage obligations (CMOs), FINRA and SEC file fraud charges (S.D. Fla.), 550
– Promoters charged by SEC over roles in fraudulent mortgage lending scheme (D. Ariz.), 739
– Restructured mortgage loans and related securities

– – CAQ white paper discusses application of FAS 114, 40
– – Loan loss disclosures

– – – Administration proposed financial system overhaul detailed in white paper, 570 et seq.; convergence goals discussed, 634
– – – FASB begins revision discussions, FAS 5 and FAS 114 ineffective, 261
– – – IASB and FASB joint meeting clears staff to explore, 305
– – – Quarterly disclosures on firms' losses and credit risk required in proposed FASB guidance, 398

– Rules for securitizations of loans, FASB makes progress on repairs, 121; sale accounting criteria tightened, staff recommendation endorsed, 208; new guidance issued, 573; new guidance likely to balloon balance sheets, Credit Suisse analysis shows, 594; SEC actively watching for firms skirting off-balance sheet rules, 623; webcast scheduled to discuss amendments, 773; webcast discusses specifics as determining if securitizations recorded as borrowing, 810; FASB asks for comments on asset-consolidation rules, 811; SEC expresses continued concern about adoption of FAS 167, 840; implementation guidance needed, analysts say, 967; banks concerned about capital requirements in response to asset consolidation changes, 997
– Subprime mortgage meltdown

See SUBPRIME MORTGAGES

– Treasury program rolled out, investors and asset managers still have questions on details, 293 et seq.

MORTGAGES

– Fannie Mae

See FANNIE MAE

– Fraud

– – Enforcement increased

See LEGISLATION, FEDERAL, HR 1748, S 386

– – Investigations by FBI continue to increase, 495

– Freddie Mac

See FREDDIE MAC

– SEC charges ex-execs of mortgage firm with accounting fraud, ex-CEO settles (S.D.N.Y.), 416
– Short sale ban

See SHORT SALES

– Subprime mortgages

See SUBPRIME MORTGAGES

MULTIEMPLOYER PLANS

See generally PENSIONS

MULTISTATE TAXATION

See generally STATE AND LOCAL TAXES

MUNICIPAL BONDS

– Disclosure, SEC proposes to increase, chair asks for more power over market, 666
– SEC likely to increase enforcement of, 395

MUTUAL FUNDS

– Evergreen family of funds agree to pay over $40 million to settle SEC and Mass. charges of inflating value (SEC), 549
– Money market funds, SEC plans to tighten Rule 2a-7 by tightening quality and shortening maturities, 356
– Regulation

– – Geithner lays out broad outline of reform proposals, 296; analysis of plan, 609; regulation proposals submitted to Congress, 682
– – SEC proposes numerous rule changes to improve stability and address problems, 584

– SEC likely to increase enforcement of, 395