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FASB & EITF UPDATE Financial Reporting Update October 21, 2004 - page 23 / 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 ordinary debt securities with no credit problems, decrease in fair value is caused solely by rising interest rates.  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

This conclusion raised implementation issues leading to FASB deferral of EITF 03-1

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