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The AAO Weblog covers accounting issues and current events as they relate the practice of investment analysis. All posts prior to September, 2007 are in the public domain, but after September 4, 2007, only subscribers to The Analyst's Accounting Observer will see all posts going forward. Only selected, occasional posts will be released to the public domain from September 4 forward.

Another 133 Shortcut That Wasn't
Location: BlogsAAO Weblog (Public)    
Posted by: Jack Ciesielski 1/31/2006 10:05 AM
Add Old National Bancorp to the growing list of failed 133 shortcutters.

This morning, the company filed its non-reliance 8-K for financials issued in 2004 and 2005. Its mistake: failure to recognize that the shortcut method of effectiveness testing for its use of brokered CDs in an interest rate swap requires that the swap have a fair value of zero at its outset.

Which in this case, it didn't.
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