FXpress Corp., the treasury and risk management software provider, has released a timely set of enhancements to its FIRST Web-based treasury workstation for corporate finance departments struggling to establish a compliance plan under FAS 157 and FAS 159. With the release of FIRST F7, corporate finance departments have a new way to apply the fair value methodologies to the full range of financial asset classes–from f/x derivatives to commodities, fixed income and interest rate derivatives–and automate their disclosures.

Earlier this month, the Financial Accounting Standards Board (FASB) refused to issue a blanket deferral of Statement 157, which offers guidelines on fair value measurements, enforcing compliance with the requirement for companies with fiscal years beginning after Nov. 15, 2007. FASB did, however, issue a one-year deferral for Statement 157 as it applies to other non-financial assets and liabilities. “Most of our clients will be much more involved with the valuations of their portfolios after the first of the year, but we wanted to offer clients an early release to enable them to plan their own adoptions of FAS 157,” says Darren Greway, director of products at FXpress. “We've added functionality to the Web in the form of enhancements to fair value methods already in place.” Users can apply checkboxes to identify individual transactions, assets and liabilities that should be measured at fair value.

FIRST F7 was produced with the input of leading accounting firms. The new functionality provides clients with two new disclosure reports in accordance with the FASB guidelines and it uses a credit model to determine counterparty risks across many different transaction scenarios and all asset classes in a portfolio. “This makes disclosures as easy and seamless as possible,” says Greway.