Fannie Mae said that it won't file its third quarter earnings report with the Securities and Exchange Commission by the end of this week because its independent auditor, KPMG, wouldn't sign off on its financials until issues related to the SEC's investigation into the company's accounting are resolved.

The mortgage giant also warned that if its accounting for some derivatives is deemed incorrect, it could have to restate earnings and report an after-tax loss of $9 billion on those transactions from 2001 through Sept. 30, 2004.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access