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Technology Stocks : Discuss Year 2000 Issues -- Ignore unavailable to you. Want to Upgrade?

To: flatsville who wrote (5741)	5/19/1999 1:09:00 PM
From: C.K. Houston	Respond to of 9818

"We have received a number of requests from constituents asking for a one-year delay, based on unforeseen problems with getting systems up to speed for year 2000 considerations. BLOOMBERG: FASB VOTES TO DELAY DERIVATIVES STANDARD 5/19/99 9:24 Business Editors NORWALK, Conn.--(BUSINESS WIRE)--May 19, 1999--Citing concerns about companies' ability to modify their information systems and educate their managers in time to apply its new derivatives and hedging standard, members of the Financial Accounting Standards Board today voted to delay its effective date for one year, to fiscal years beginning after June 15, 2000. The new standard, Statement 133 issued in June 1998, applies to quarterly and annual financial statements. FASB Chairman Edmund L. Jenkins explains, "We have received a number of requests from constituents asking for a one-year delay, based on unforeseen problems with getting systems up to speed for year 2000 considerations. Others had questions about applying Statement 133 in practice and the need to educate their people internally about the new standard's requirements. "The Board continues to believe that investors must have the kind of information that will be provided under Statement 133--information that, for the most part, has never been available to investors before," Mr. Jenkins continued. "But we also must be responsive to the companies that will be supplying that information to ensure that the standards are implemented consistently and in a manner that is the most complete and the most useful to investors." The Board will publish a formal proposal to delay for public comment this week, with comments requested by June 19. --30--bk/ny* CONTACT: FASB, Norwalk Media Contact: Deborah Harrington 203/847-0700, ext. 268 KEYWORD: CONNECTICUT INDUSTRY KEYWORD: BANKING Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com