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PBI » Topics » Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161This excerpt taken from the PBI 10-Q filed Nov 7, 2008. Disclosures about Credit Derivatives
and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation
No. 45; and Clarification of the Effective Date of FASB Statement No. 161.
The FSP amends SFAS 133 to require a seller of credit derivatives, including
credit derivatives embedded in a hybrid instrument, to provide certain disclosures
for each statement of financial position presented. These disclosures are required
even if the likelihood of having to make payments is remote. To make the disclosures
consistent with the disclosures that will now be required for credit derivatives,
FIN 45-4 was issued to require guarantors to disclose the current status of
the payment/performance risk of the guarantee. This FSP also clarifies that
SFAS 161 is effective for financial statements issued for fiscal years and
interim periods beginning after November 15, 2008. The FSP is effective for
reporting periods after November 15, 2008 for the amendments and on September
12, 2008 for the effective date of SFAS 161. The Company does not sell credit
derivatives. The Company will comply with the additional disclosure requirement
for guarantees beginning in the fourth quarter of 2008.
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