Deloitte Alert on other-than-temporary impairments
14 Oct 2008
Deloitte (United States) has published a Financial Reporting Alert on The Impact of the Emergency Economic Stabilization Act on the Assessment of Other-Than-Temporary Impairments.
The Act became law on 3 October 2008. Deloitte Financial Reporting Alert 08-15 (PDF 27k) points out that impairment assessments are made as of the financial reporting date. The Alert states that 'the enactment of the Act on 3 October 2008 may not affect an entity's assessment, as of a prior reporting date, of its intent to hold an impaired security until forecasted recovery'.