In a press release, BNY Mellon said its new FAS 157 reporting package is available to clients through the company’s Workbench technology platform. The reports break out portfolio holdings into expected Level 1, 2, and 3 reporting categories, based on asset types, as well as provide the required Level 3 transaction and reconciliation information.
Reports can be customized based on a client’s or its manager’s own determinations as to individual holding pricing methodology, according to the release.
FAS 157, introduced last November, enhances guidance on how to measure assets and liabilities at fair value and consolidates fair value measurement into one accounting standard (See Deloitte: Pay More Attention to New FASB Valuation Standard ).BNY Mellon said the majority of publicly traded companies began using FAS 157 this year, and most investors started seeing disclosures related to the new rules in 2008 first-quarter reports.
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