Hudson River Analytics, Inc.

December 2008
The financial crisis is now over a year old. This article reviews the various responses by policy makers and discusses what is still to come as we work through this difficult period.

July 15, 2008
The way we refer to accounting standards is about to change. Starting on April 2009, we will no longer say FAS 133, FAS 91, or FAS 157. GAAP is being codified and a whole new set of codes for  accounting standards will be in effect soon. This article draws attention to this significant change and encourages all accountants to start preparing for it.

June 2008
Dr. Valdivia has led various projects related to the restatement of financials by several financial institutions. In this article, he highlights key lessons drawn from his practical, hands-on experience.

December 2007
What does the SEC focus on when it reviews financials filed by U.S. commercial banks? This article examines the correspondence between the SEC reviewers and filers to identify the key areas of interest to the SEC.

August 2007
Although FASB Accounting Standard No. 91 is over 20 years old, financial institutions continue to mis-apply it. The application of this standard is straightforward in the case of fixed-rate, fixed-term loans (such as fixed-rate, 30-year mortgages), but its application is substantially more involved when applied to non-traditional loans (such as loans with balloon payments, ARMs or ARMs with teaser rates). The fast growth of such non-traditional loans outpaced existing accounting policies, procedures and systems at many financial institutions, which have had to re-state their financials.