FASB new rules seek to end notorious Repo 105 accounting trick
The FASB has updated its repurchase agreements (repo) guide, a measure designed to end the accounting sleight of hand used by now defunct Lehman Brothers to polish its balance sheet.
The Financial Accounting Standard Board (FASB) made amendments to its guidance on the usage of repurchase agreements (repos) in a bid to do away with the financial chicanery utilised by Lehman Brothers before it collapsed.
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