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In Appendix 12B you learned that accounting for other-than-temporary impairments has changed recently. You also learned that these changes were controversial. In fact, two of the five members of the FASB voted against the changes and provided an explanation for their position when the standard that defined the changes was issued. That information isn't included in the FASB's Accounting Standards Codification, but you can find it in the original standard, "Recognition and Presentation of Other-Than-Temporary Impairments," FASB Staff Position (FSP) No. 115-2 and 124-2 (Norwalk, Conn.: FASB April 9, 2009), which is available under the "Standards" link at www.FASB.org.
Required:
Access the FSP and turn to p. 17, and read why FASB members Linsmeier and Siegel dissented. What were their major concerns with the new approach for accounting for OTT impairments? Do you find those concerns compelling?
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