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FXpress Enhances Funtionality to Support Latest FASB Guidelines

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FXpress Corporation, a market leading treasury software provider, today announced the release of FIRST F7, the latest version of the company’s web-based treasury solution for corporations worldwide. FIRST F7 enhancements address the upcoming FAS 157/159 guidelines associated with fair value measurement and increased automation in the areas of trade requests, back office confirmations and bank statement imports.

FAS 157 requires that non-performance risk should be included in the computation of fair value. Therefore, a counterparty’s risk of default should be used to value an asset and the company’s own credit risk should be used to value a liability. In addition, new disclosures on the extent to which fair values are based on unobservable inputs are required. FASB affirmed this week that the implementation of FAS 157 will not be delayed and will be required for fiscal years beginning after November 15, 2007.

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