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FASB & EITF UPDATE Financial Reporting Update October 21, 2004 - page 29 / 47

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FSPs – Proposed

FSP EITF Issue 03-1

Addresses the application of EITF 03-1 to debt securities that are impaired solely due to interest-rate and/or sector-spread increases

Proposed conclusions:

An entity should assert its intent and ability to hold an investment until a forecasted recovery at the individual security level

An entity can consider a minor impairment caused by interest rate and/or sector spread increases temporary and would not need to assert its ability and intent to hold an investment until a forecasted recovery

An impairment is considered OTT when the entity’s assertion to hold an investment to a forecasted recovery changes

There are circumstances for such a change in ability or intent that would not necessarily call into question the entity’s ability or intent to hold other securities to recovery

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