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FASB & EITF UPDATE Financial Reporting Update October 21, 2004 - page 21 / 47

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New! EITF Consensus Effective in 2004

 Issue 03-1 -- Step 2

 -  Evaluate whether an impairment is other than temporary

   For equity securities and debt securities that can be settled in a way that the investor would not recover substantially all of its cost, an impairment is deemed other than temporary unless

Investor has ability and intent to hold for a reasonable period of time sufficient for recovery of fair value, and

positive evidence indicating that an investment’s carrying amount is recoverable within a reasonable period of time outweighs negative evidence to contrary

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