US - Northern Trust has launched a solution aimed at helping institutional clients adapt to new accounting standards.
Debra Clayton, client reporting product manager at Northern Trust, said: "We used the toolkit approach because we feel that by providing an extensive library of resources to our clients, we can offer more comprehensive solutions for every aspect of FAS 157 implementation.
"We wanted to give clients the information needed to not only assist them in preparing their disclosures, but also to document their valuation policies and procedures."
The product includes asset level pricing details, extensive documentation of pricing methodologies, customisation of level determinations and thought leadership on the challenges facing the industry related to FAS 157.
Addressing more than 50 categories by asset type and market, the toolkit assists clients in determining level designation of category 1, 2 or 3 for each asset, as required by FAS 157.
It also includes a report that provides information related to the price type, price source and exchange - key elements in determining fair value under FAS 157.
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