US - Fannie Mae, the nation's largest buyer of mortgages, has been instructed by staff at the Securities and Exchange Commission to restate its earnings over the past four years after a review by the commission found the company violated financial accounting standards. Donald T. Nicolaisen, chief accountant for the SEC issued a statement recommending a course of action following the review by the commission, which found Fannie Mae's accounting practices did not comply with Statement numbers 91 and 133.
Statement 133 relates to accounting for derivative instruments and hedging activities. Nicolaisen said Fannie Mae should: restate its financial statements filed with the commission to eliminate ...
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