Ernst & Young and Aspect join forces against complexity of FAS 133

HOUSTON, Texas, Jan. 8, 2001 – Ernst & Young LLP (E&Y) and Aspect,௿½ LP (Aspect), a new provider of Internet-based financial risk management systems, today announced plans to provide a complete FAS 133 solution for businesses that buy and sell energy commodities. FAS 133 is the new complex accounting standard for derivative instruments and hedging activities that became effective for most companies on January 1, 2001.

Jan. 11, 2001–Electric Light & Power Online reader David Holstein wrote to comment about the California energy problem, which he calls a “deregulation disaster.” His letter is in response to Kathleen Davis’ commentary on Jan. 10, “Toxins from Calif. spill over industry barriers.”

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