Given the magnitude of urban population accretion expected over the next thirty years, I see little choice. If Asian cities are to thrive and prosper, they will have to develop self sustaining local taxation and user charge systems so that they can tap national and international financial markets for their financing needs. This brings me to the international dimension of urban infrastructure financing.
In practice, EITF 03-1 should make all organizations that have available-for-sale securities review their procedures for identifying impairment. Clearly, investors should continue to monitor for credit downgrades and changes in prepayment speeds, especially for interest-only strips and mortgage-backed securities booked at a premium.