Independence day for SPEs

To the relief of many collateralised debt obligation (CDO) specialists, the US Financial Accounting Standards Board is expected to exempt CDOs from its new rules on special-purpose entities (SPEs) (Risk April 2002).

FASB planned to issue an exposure draft on the rule, Financial Accounting Standard 94 (FAS 94), last month, but it has been delayed and is now expected by the end of June.

Political pressure stemming from Enron’s ethically questionable use of SPEs has spurred FASB to seek

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