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Sfas 115 Case Summary

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a. The conflict SEC resolve under SFAS No. 115 is the issue that involve with sales or transfers of held-to-maturity investment securities. Any sales or transfer of held-to-maturity investment securities that may occur, its might indicative the existing classifications were not appropriate. The remaining held-to-maturity debt securities should be carried at market value. Any sales should be provided with an explanation in MD&A. If held-to-maturity debt securities are sold for reasons other than those listed in paragraph 8 of SFAS 115, the staff may challenge with management's assertions. However, the staff indicated that they consider that previously filed financial statements should be restated. In order, for them to correct the apparent error

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