BNY Mellon Introduces New FAS 157 Reporting Package

BNY Mellon Asset Servicing, a global provider of asset servicing, has introduced a series of new reports designed to assist clients in meeting the new FAS 157 accounting standards for fair value measurements. FAS 157 applies to both profit and

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BNY Mellon Asset Servicing, a global provider of asset servicing, has introduced a series of new reports designed to assist clients in meeting the new FAS 157 accounting standards for fair value measurements. FAS 157 applies to both profit and not-for-profit entities that prepare their financial statements in accordance with US GAAP.

Introduced in November 2007, FAS 157 is an accounting standard that sets guidelines and disclosure rules for how companies must determine market values or fair values for financial securities. The majority of publicly traded companies began using FAS 157 this year, and most investors started seeing disclosures related to the new rules in 2008 first-quarter reports.

BNY Mellons new FAS 157 reporting package is available to clients through the companys Workbench technology platform. The reports break out portfolio holdings into expected Level 1, 2 and 3 reporting categories, based on asset types, as well as provide the required Level 3 transaction and reconciliation information. Reports can be customized based on a clients or its managers own determinations as to individual holding pricing methodology, which are key for FAS 157 compliance.

“Clients are turning to us as a service provider that understands fully the new valuation and disclosure rules and related complexities FAS 157 has introduced to the market,” says Dan Wywoda, head of core product management at BNY Mellon Asset Servicing. “We believe were the first to automate FAS 157 reporting and are confident the new functionality will make clients lives a lot easier. We continue to invest in our technology to bring more capabilities, enhanced features, and additional refinements to a client base that relies on us to meet, if not exceed, ever-changing industry requirements.”

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