SEC Issues Staff Accounting Bulletin No. 102.

The Securities and Exchange Commission has issued Staff Accounting Bulletin No. 102, which provides views of the staff on the development, documentation and application of a systematic loan loss allowance methodology. It applies to registrants that are creditors in loan transactions that, individually or in the aggregate, have a material effect on the registrant's financial statements.

SAB No. 102 was prepared as a result of the Mar. 10, 1999, Joint Interagency Letter to Financial Institutions signed by the SEC, the Federal Deposit Insurance Corporation, the Federal Reserve Board, the Office of the...