Hard time for soft loans

Article Abstract:

Property Developer Brian Burrett and Hill Samuel Loans Director Gordon Skingley are appealing against their conviction of corruption. They were both awarded sentences of nine months imprisonment and had to pay costs of 425,000 pounds sterling. The appeal is due to be heard on Nov. 1,1999. Skingley was accused of making secret loans to Burrett's businesses and in return Burrett paid 650,000 pounds sterling to Skingley. Loans of over 22 million pounds sterling were made during 1988-92. They were discovered after Lloyds started to investigate Skingley in an unrelated matter.

Banking industry, Real estate developers, Officials and employees, Cases, Ethical aspects, Executives, Corporations, Corporate corruption, Hill Samuel and Company Ltd., Burrett, Gordon, Skingley, Gordon

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General partners beware: FASB proposes new consolidation guidance

Article Abstract:

The Financial Accounting Standards Board (FASB) has formulated a new standard, Consolidated Financial Statements: Policy and Procedures, for business enterprises and not-for-profit organizations. The new standard requires a company to consolidate after gaining effective legal control over the assets of another entity. The FASB standards contains requirements for consolidated financial statements and deals with non-controlling interest in subsidiaries and net income or losses for an entity.

Reporting & Disclosure, Consolidated financial statements

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New accounting standards affect treatment of troubled loans: SFAS 114 and SFAS 118

Article Abstract:

The Financial Accounting Standards Board (FSAB) introduced Statement of Financial Accounting Standards (SFAS) 114, 'Accounting by Creditors for Impairment of a Loan,' in May 1993. SFAS 114 amended SFAS 5 and 15, which covered Accounting for Contingencies and Accounting by Debtors and Creditors for Troubled Debt Restructurings, respectively. The FSAB later issued SFAS 118, which defined accounting by creditors for impairment of a loan - income recognition and disclosure, in Oct. 1994.

Loans

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