FXpress Corp., the treasury and risk management softwareprovider, has released a timely set of enhancements to its FIRSTWeb-based treasury workstation for corporate finance departmentsstruggling to establish a compliance plan under FAS 157 and FAS159. With the release of FIRST F7, corporate finance departmentshave a new way to apply the fair value methodologies to the fullrange of financial asset classes–from f/x derivatives tocommodities, fixed income and interest rate derivatives–andautomate their disclosures.

Earlier this month, the Financial Accounting Standards Board(FASB) refused to issue a blanket deferral of Statement 157, whichoffers guidelines on fair value measurements, enforcing compliancewith the requirement for companies with fiscal years beginningafter Nov. 15, 2007. FASB did, however, issue a one-year deferralfor Statement 157 as it applies to other non-financial assets andliabilities. “Most of our clients will be much more involved withthe valuations of their portfolios after the first of the year, butwe wanted to offer clients an early release to enable them to plantheir own adoptions of FAS 157,” says Darren Greway, director ofproducts at FXpress. “We've added functionality to the Web in theform of enhancements to fair value methods already in place.” Userscan apply checkboxes to identify individual transactions, assetsand liabilities that should be measured at fair value.

FIRST F7 was produced with the input of leading accountingfirms. The new functionality provides clients with two newdisclosure reports in accordance with the FASB guidelines and ituses a credit model to determine counterparty risks across manydifferent transaction scenarios and all asset classes in aportfolio. “This makes disclosures as easy and seamless aspossible,” says Greway.

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