In case you haven’t already seen it elsewhere, the FASB website and Bob Herz’s testimony last Friday before the House Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises both contain Bob Herz’s earlier (April 19) letter to Congressman Barney Frank that discusses accounting standards and the Lehman Bankruptcy report.  Not surprisingly, I found it to be one of the most lucid descriptions I’ve seen thus far.  It’s worth checking out, especially if you’re trying to answer your students’ questions about what Repo 105 and 108 transactions are all about.  Here’s the link to the hearing, which includes Herz’s full testimony with the April 19 letter included as an appendix.