This excerpt taken from the SYBT 10-K filed Mar 15, 2006.
The Meaning of Other-Than-Temporary Impairment and Its Application to Certain Investments. This FSP specifically nullifies certain requirements of EITF 03-1 but carries forward the disclosure requirements. Bancorps disclosures in Note 3 to the consolidated financial statements incorporate the requirements of EITF No. 03-1 and the aforementioned FSPs.
In December 2004, FASB issued a revision to SFAS No. 123,
This excerpt taken from the SYBT 10-Q filed Nov 9, 2005.
The Meaning of Other-Than-Temporary Impairment and Its Application to Certain Investments. EITF 03-1 provides guidance for determining when an investment is considered impaired, whether impairment is other-than-temporary and the measurement of an impairment loss. Certain disclosure requirements of EITF 03-1 were adopted in 2003 and Bancorp began presenting the new disclosure requirements in its consolidated financial statements for the year ended December 31, 2003. The recognition and measurement provisions were initially effective for other-than-temporary impairment evaluations in reporting periods beginning after June 15, 2004. However, in September 2004, the effective date of these provisions was delayed until the finalization of a FASB Staff Position to provide additional implementation guidance.
In December 2003, the Accounting Standards Executive Committee, (AcSEC) issued SOP 03-3,