A discussion for the consumer finance industry
December 2005
This special year-end publication contains a summary of several emerging accounting and reporting technical issues that may be of importance to the financial reporting staff of consumer finance companies. These articles are meant to summarize several key accounting and auditing changes taking place with relevance to consumer finance companies. In addition to the emerging new requirements, we have observed increased scrutiny surrounding the application of SFAS No. 91.
We have included a brief discussion of several issues that we believe may be helpful in understanding some emerging trends in the application of this Standard. Of course, as with the adoption of any new accounting and reporting standard, the most difficult task is in applying these standards to specific facts and circumstances. Such application requires greater understanding of individual transactions affected by the standard than would be contemplated by this publication and, accordingly, we encourage early and detailed discussion of these matters with your accountants.
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