SEC Letter To FASB Provides Guidance On OTTI For PPS

Late yesterday (Oct. 14), staff of the SEC’s Office of the Chief Accountant (OCA) issued a letter to FASB as an immediate clarification - deemed an 'intermediate step in addressing practice issues" pending further action by FASB - regarding accounting treatment of OtherThan Temporary Impairment (OTTI) for Perpetual Preferred Securities (PPS). We have posted a copy of the letter on our website here; we understand it is in the process of being posted on SEC’s website under Staff Letters to Industry.