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 ).
Addressing more than 50 categories by asset type and market, Northern Trust’s toolkit assists clients in determining level designation of category 1, 2, or 3 for each asset, as required by FAS 157, according to a press release. The toolkit also includes a report that provides information related to the price type, price source, and exchange.
Northern Trust also provides a dedicated team of experts who help clients understand the pricing of their most complicated assets.
“We used the toolkit approach because we feel that by providing an extensive library of resources to our clients, we can offer more comprehensive solutions for every aspect of FAS 157 implementation. We wanted to give clients the information needed to not only assist them in preparing their disclosures, but also to document their valuation policies and procedures,” said Debra Clayton, client reporting product manager for Northern Trust, in the announcement.
In addition to the toolkit, a complete replay of a forum of service providers and industry experts who discuss how the industry is adjusting to the accounting standard, from the perspective of the custodian, pricing vendor, financial statement preparer, and auditor is available at www.northerntrust.com .