By Cydney Posner

The SEC's Office of Chief Accountant and Corp Fin have today posted new SAB No. 111. This SAB addresses "Other Than Temporary Impairment of Certain Investments in Debt and Equity Securities (Topic 5.M.)" and was apparently precipitated by the issuance on April 9, 2009, by FASB of FSP 115-2 and 124-2, Recognition and Presentation of Other-Than-Temporary Impairments, which provides guidance for assessing whether an impairment of a debt security is other than temporary, as well as how those impairments are presented and disclosed in the financial statements. This SAB maintains the staff's previous views related to equity securities. It also amends Topic 5.M. to exclude debt securities from its scope.

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